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LequteMan
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Nigeria's economy has recorded an increase in revenue for the month of October, despite a continued fall in the price of crude oil, recent figures has revealed.
Minister of Finance, Kemi Adeosun, on Friday reeled out figures about the economy's performance in the past month.
She spoke at the convergence of the Federation Accounts Allocation Committee, on Abuja on Friday to share the statutory allocation for the month.
She said gross revenue received in October stood at N400.310 billion, which is higher by N78.314 billion than the N321.996 billion for the previous month.
The country lost about $1.3 million (about N256.1 million) as a result of drop in average crude oil price from $47.315 in August to $46.96 in September, she added.
To make up for the drop, Mrs. Adeosun said non-oil revenue recorded a significant improvement during the month, with about N104.212 billion collection above the figure in September.
In addition, about N6.33 billion was received from the Nigerian National petroleum Corporation, NNPC, as refund for the N450 billion unremitted revenue since 2012, while another N6.995 billion came into the government coffers as exchange gain for the month.
Apart from a total of N57.789 billion realised from value added tax, VAT, collection, the Minister said the balance in the excess crude oil revenue account remained ta $2.258 billion.
Details of the revenue allocations to the three tiers of government for the month showed that the Federal Government took N200.662 billion, or 52.68 per cent; states N126.277 billion, or 26.72 per cent; local governments N95.303 billion, while 13 per cent oil derivation to the nine oil producing states was N24.141 billion.
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Minister of Finance, Kemi Adeosun, on Friday reeled out figures about the economy's performance in the past month.
She spoke at the convergence of the Federation Accounts Allocation Committee, on Abuja on Friday to share the statutory allocation for the month.
She said gross revenue received in October stood at N400.310 billion, which is higher by N78.314 billion than the N321.996 billion for the previous month.
The country lost about $1.3 million (about N256.1 million) as a result of drop in average crude oil price from $47.315 in August to $46.96 in September, she added.
To make up for the drop, Mrs. Adeosun said non-oil revenue recorded a significant improvement during the month, with about N104.212 billion collection above the figure in September.
In addition, about N6.33 billion was received from the Nigerian National petroleum Corporation, NNPC, as refund for the N450 billion unremitted revenue since 2012, while another N6.995 billion came into the government coffers as exchange gain for the month.
Apart from a total of N57.789 billion realised from value added tax, VAT, collection, the Minister said the balance in the excess crude oil revenue account remained ta $2.258 billion.
Details of the revenue allocations to the three tiers of government for the month showed that the Federal Government took N200.662 billion, or 52.68 per cent; states N126.277 billion, or 26.72 per cent; local governments N95.303 billion, while 13 per cent oil derivation to the nine oil producing states was N24.141 billion.
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