Revenues collected by the Federal Government dropped by
about N154.56 billion in July, the Minister of State for
Finance, Bashir Yuguda, said on Tuesday.

Mr. Yuguda said this at the end of the Federation Accounts
Allocation Committee, FAAC, meeting in Abuja and added
that only about N630.32 billion revenue was realized during
the month, down from N784.88 billion collected the
preceding month.

Mr. Yuguda attributed the sharp decline in revenue to Force
Majeure declared by Shell Petroleum Development
Company, SPDC, and a series of shutdown of trunk lines and
pipelines at various terminals.

Force Majeure is always declared by a company to bring to
the attention of their customers about unforeseen
developments in their operations that may likely make
meeting obligations to scheduled contracts difficult or
impossible.

Mr. Yuguda also identified the substantial decline
experienced by the Federal Inland Revenue Service, FIRS, in
their Companies Income Tax, CIT, collections as also
contributory to the dip in revenue for the month under
review.

In spite of the shortfall in revenue accruals, the minister said FAAC still distributed a total sum of N654.58 billion to the three tiers of government as allocation from all revenue
sources, an amount that is N30.31 billion more than what
was shared in June.

eaglechild: Doctors' strike is biting with zero revenue from health.

It will surprise you the revenue some tertiary hospitals generate in a month.

eaglechild: Doctors' strike is biting with zero revenue from health.

It will surprise you the revenue some tertiary hospitals generate in a month.