Monthly Oil Revenue Drops Further by N86.42bn in March

Nigeria’s monthly oil revenue prospects declined by as much as N86.42 billion in March 2015, authorities say.

Gross receipts also dropped to N315.04 billion compared to N401.46 billion recorded in February.

This was disclosed on Monday, April 20, 2015, by the Minister of State for Finance, Bashir Yuguda at the conclusion of the monthly meeting of the Federation Accounts Allocation Committee (FAAC) in Abuja.

Yuguda noted further that an increase in average price of crude oil from $48.34 million to $55.34 million in February boosted revenue by N43.73 million.

In line with statutory distribution provisions, the minister said the federal government got an allocation of N146.48 billion, while the states received N74.29 billion and the local governments got N57.28 billion.

The sum of N29.37 billion was also shared among oil producing states under the derivation principle.