F.G Lose Fortunes to Militancy in Niger Delta – Adeosun

Finance Minister, Kemi Adeosun, has declared that activities of the Niger Delta militants reduced government revenue by $57.88m in May.

Adeosun made the disclosure at the Federation Account Allocation Committee, FAAC, meeting in Abuja.

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According to the Minister, the repair and maintenance of pipeline at the Farcados terminal, which was shut down due to militant activities has led to a significant drop in crude oil production and exports.

“As a result, federation export revenue declined by $57.88 million even though the average price of crude oil increased from $29.02 in January,” she said.

“Company Income Tax recorded a marginal increase even as the time for companies to file their returns is yet fall due.

“The distributable statutory revenue for the month is N237.466 billion. The sum of N6.330 billion was refunded by the NNPC to the federal government.

“Also, there is exchange gain of N2.546 billion which is proposed for distribution. The total revenue distributable for the current month (including VAT) is N305.128 billion.”