The Federation Accounts Allocation Committee (FAAC) on Tuesday June 23, 2015 disclosed that the #Federal Government, #State governments and Local government Councils in the country shared a total of N418.452billion as #Federal allocation for the month of May, 2015.
Thus, from total distributable revenue for the current month (including VAT ) of N418.452billion, Federal government received N150. 805 billion (52.68%); States received N76.998 billion (26.72%); Local Government Councils received N59.362 billion (20.60%); while the oil producing States received N29.071billion as 13% derivation revenue.
The FAAC noted that the shared amount comprised the Month’s Statutory revenue of N324.061billion, N6.330 billlion which was refunded to the Federal Government by Nigerian National Petroleum Corporation( NNPC), and an exchange gain of N31.240 billion which was proposed for distribution.
According to the communique issued by the Federation Accounts Allocation Committee (FAAC), the Gross Revenue received for the month of May,2015 was N324.061billion. This amount when compared with the N282.062billion received in April, 2015 showed an increase of N41.999billion.
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According to the communiqué delays in issuance of third quarter 2015 Export Permit was said to have led to a drop of about 160,000 bopd in April, 2015, with frequent Shut down and shut-in of trunks and pipe lines at Terminals continuing to impact negatively on crude oil revenue.
However, an increase in the average price of Crude oil from $56.04m in March, 2015 to $59.88m in April brought about $19.70m gain in revenue.
Non–Oil revenues are expected to perform better in the later part of 2015 due to some mechanisms put in place by Federal Inland Revenue (FIRS).
Non–Mineral revenue was N101.592 billion in April and decreased to N98.894billion in May accounting for a loss of N-2.698 billion.
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