By Emma Ujah,   Abuja Bureau Chief
ABUJA—The downward trend of resources available to the nation has continued to reflect in the current economic realities as the three tiers of government yesterday, shared only N 441. 606 billion as revenue generated in the month of August.

That figure was about N 178.062 billion less than the budgeted N620.668 billion for the month and N69.193 billion, when compared to the N511.799 billion distributed among the tiers of government last month.

The Federal Government took N177.576 billion, while the states and local governments received NN115.373 billion and N86.929 billion, respectively.

The nine oil-producing states got an additional N27 billion, representing 13 percent derivation on oil revenue.

A summary of revenue showed that N369.140 billion was generated into the Federation Account.

Value Added Tax earnings stood at N62.176 billion. N6.330 billion was refunded by the Nigerian National Petroleum Corporation, NNPC, to the Federal Government, while exchange gains stood at N4.960 billion.

The Federal Inland Revenue Service, FIRS, was given N3.712 billion as Cost of Collection, while the Nigeria Customs service received N3.374 billion as Cost of Collection. In a similar vein, the Department of Petroleum Resources, DPR got N2. 184 billion.

Reasons for drop in revenue

Mrs. Anastasia Daniel-Nwaobia explained that the drop in revenue was attributable to several factors including the global “drop in oil prices; a drastic drop in oil exports, shut-in of production for maintenance at different times and terminals” within the month under review.

She noted that the Excess Crude Account holdings still stood at $2. 26 billion and that the Federal Government had not withdrawn from it in spite of the financial pressure.

According to her, the administration did not consider it necessary to draw down on the funds as the situation did not warrant doing so.

In his remarks, the Accountant-General of the Federation, Alhaji Ahmed Idris, disclosed that 600 out of the 900 Federal Government ministries, departments and agencies, MDAs, had complied with the Treasury Single Account directive.

He added that the apprehension and resistance to the policy among MDAs was easing up, urging those having difficulties on how to key into the policy to approach his office for guidance.