Permit delays, pipeline problems lower oil revenues

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The Federation Accounts Allocation Committee (FAAC) has noted a decrease in revenues owing to delays in issuance of Export Permits and frequent shutdown and shut-in of trunks and pipelines. The committee reported that delays in issuance of third quarter 2015 Export Permit was said to have led to a drop of about 160 000 bopd (barrels of oil per day) in April. It also noted that the frequent shutdown and shut-in of trunks and pipe lines at terminals continued to impact negatively on crude oil revenue. However, an increase in the average price of Crude oil from $56.04 million in March, 2015 to $59.88m in April brought about $19.70m gain in revenue. However, FAAC projected no-oil revenues to perform better in the later part of 2015 due to some mechanisms put in place by Federal Inland Revenue (FIRS). Meanwhile, FACC reported that the Federal , State and Local government Councils have shared a total of N418 452 billion as Federal allocation for the month of May. A communique the Federation Accounts Allocation Committee (FAAC) has issued indicated that the Gross Revenue received for the month was N324.061 billion. This represented an increase of N41 999 billion from the previous month.

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