L
LequteMan
Guest
The Minister of State for Finance, Mr Bashir Yuguda, said on Wednesday that N522 billion was shared among the federal, states and local governments as revenue for February, 2015.
He also lamented the low revenue generation for the month- "there was loss of about 24.48 million dollars in revenue due to further drop in crude oil prices from 52.3 dollars in December 2014 to 48.6 dollars in January.
"The persistent shutdown and shut-in of trucks and pipe lines at various terminals continued to impact negatively in the revenue performance.
He added that the N35.5 billion which had become a monthly amount being distributed under the SURE-P Programme was no more because of the fall in oil prices.
Yuguda said the Excess Crude Account remained unchanged and stood at 2.6 billion dollars.
The Chairman, Finance Commissioners Forum, Mr Timothy Odah, expressed concern over the continued dwindling of the federation’s revenue.
He said that due to that, the states would like to appeal to the president to allow the scrapping of the Subsidy Reinvestment and Empowerment Programme.
He said that most states were in heavy debt and if the programme was scrapped, it would mean more allocation to them to enable them to pay salaries and complete relevant projects.
#Nigeria #SURE-P
He also lamented the low revenue generation for the month- "there was loss of about 24.48 million dollars in revenue due to further drop in crude oil prices from 52.3 dollars in December 2014 to 48.6 dollars in January.
"The persistent shutdown and shut-in of trucks and pipe lines at various terminals continued to impact negatively in the revenue performance.
He added that the N35.5 billion which had become a monthly amount being distributed under the SURE-P Programme was no more because of the fall in oil prices.
Yuguda said the Excess Crude Account remained unchanged and stood at 2.6 billion dollars.
The Chairman, Finance Commissioners Forum, Mr Timothy Odah, expressed concern over the continued dwindling of the federation’s revenue.
He said that due to that, the states would like to appeal to the president to allow the scrapping of the Subsidy Reinvestment and Empowerment Programme.
He said that most states were in heavy debt and if the programme was scrapped, it would mean more allocation to them to enable them to pay salaries and complete relevant projects.
#Nigeria #SURE-P
