Nigeria’s revenue again slumps N36.6bn as ECA depletes to $3.1bn

Nigeria’s federal gross revenue yet again crashed N36.6 billion to N500.07 billion in November from N536.69 billion October figures as slump in both oil output and prices continue to take toll on Africa’s largest economy.

The Federation Account Allocation Committee (FAAC) which met Tuesday night to consider usual monthly allocations to the three tiers of government said the drop seen in revenue was as a result of the drastic 33 percent decline in export volume between September and October 2014, and a further decrease in

We don’t have $218m to remit — NNPC

The Nigeria National Petroleum Corporation, NNPC, has absolved itself of owing the Federal Government the sum of $218 million oil revenue.

The Group Managing Director of the NNPC, Mr Andrew Yakubu, said this while fielded questions from journalists at the workshop organised for Energy Reporters in Uyo, Akwa Ibom State.

The denial followed a directive by Senate to return the said amount to government.

In this regard, Yakubu said the Corporation will continue to engage the National Assembly over the non-remittance of funds to the Federation Account.

“We will continue to talk and see may be by and large they will have a change of mind,” he said.

Recall  that the Senate had on Thursday, during the presentation of the Finance Committee report,