Nigeria's distributable revenues fell to 494 billion naira in July

Nigeria distributed a total of 493.828 billion naira among its three tiers of government on Thursday at the regular meeting of the Federal Allocation Committee for the month of July.
According to the figures released by Office of the Accountant General of the Federation, the gross statutory revenue including solid minerals is 275.102 billion naira while the net allocation is 258.151 billion naira. The gross value added tax is 66.987 billion naira and the total distributable revenue is 335.759 billion naira.

Nigeria, Africa's biggest economy and an OPEC member which relies on crude sales for about 70 percent of national income, has been hit hard by the fall in global crude prices since mid-2014.
Militants have carried out a series of attacks on oil facilities in the southern Niger Delta energy hub in the last few months, reducing oil output by 700,000 barrels a day, according to state oil firm NNPC.
"Crude oil export volume decreased... partly because of a subsisting force majeure declared at (Shell's) Forcados Terminal," said Mahmoud Isa-Dutse, permanent secretary of the ministry of finance.
"Also, shut-in and shut-down of pipelines at other terminals due to the activities of vandals and maintenance impacted negatively on production," he said.
The distributable revenues includes value-added tax payments of 64.308 billion naira, the ministry said.