The Federation Account Allocation Committee on Tuesday revealed that there is a shortfall of N20.47bn in gross statutoryrevenue from N290.96bn in January to N270.49bn in February.
The Minister of Finance, Mrs. Kemi Adeosun, made this known while addressing newsmen immediately after the FAAC meeting for the month of February.
The meeting, which commenced at 7:13pm, lasted almost two hours.
The minister attributed the decline in revenue to explosions at the Escravos oil exporting terminal as well as the force majeure declared at the Brass terminal, which led to the shut-down of pipelines at other terminals for repairs and maintenance.
Represented by the Permanent Secretary in the ministry of finance, Mahmud Dutse, the minister also disclosed that there was a revenue drop of $45.9m, which is occasioned by huge drop in average price of a barrel crude oil from $39.01 in December 2015 to $29.02 in January this year,
She also blamed the decline in revenue on a substantial drop in income recorded from oil and gas royalty, Companies Income Tax and import duty.
She said the drop in revenue impacted negatively on statutory allocation to the three tiers of government as the committee shared the sum of N345.09bn for the month of February, which fell short of the N370.38bn shared in January by N25.29bn.
Adeosun said, “The distributable statutory revenue for the month is N270.49bn. The sum of N6.33bn was refunded by Nigerian National Petroleum Corporation to the Federal Government.