SAN FRANCISCO, October 29, (THEWILL) – The federal government, states and local government areas of the federation have shared N389.9 billion naira as revenue for the month of September 2015, a significant drop from the N422.6 billion distributed amongst them for the month of August.
The Permanent Secretary, Ministry of Finance, Mrs. Anastasia Nwaobia, Wednesday announced the development in Abuja after the monthly Federation Accounts Allocation Committee (FAAC).
The official said that the shared amount comprised the month’s net statutory revenue of N321.9 billion.
“Also, there is the exchange gain of N5.2 billion which is proposed for distribution.
“Therefore the total revenue distributable for the month of August including VAT of N56.3 billion, is N389.9 billion,” she said.
Nwaobia said N6.3 billion was refunded to the federation by Nigerian National Petroleum Corporation (NNPC) and was also proposed for sharing.
Giving the breakdown of revenue among the three tiers of government, Nwaobia said the Federal Government received N151.3 billion, representing 52.68 per cent; states, N76.8 billion, representing 26.72 per cent.
The local governments, she said, received N59.1 billion, amounting to 20.60 per cent of the amount distributed.
Nwaobia announced that N27.5 billion, representing 13 per cent derivation revenue, was shared among the oil producing states.
On VAT, she said that the N62.1 billion collected for the month showed a decrease of N12.7 billion from what was collected in the preceding month.
She said that the country generated N213.1 billion as mineral revenue and N108.8 billion as non-mineral revenue.
She noted that this showed a decrease of N2.8 billion and N44.2 billion, respectively, from what the country generated as mineral and non-mineral revenue in the preceding month.
She puts the balance in the Excess Crude Account as at Wednesday, at $2.25 billion dollars, which showed that nothing had been removed or added to it since July.
“Revenue from crude oil and gas export was negatively impacted in August 2015 due to shut down and shut in of production for maintenance at different periods and terminals during the month.
“Also there was revenue loss of $32 million dollars as a result of drop in average price of crude oil from $56.7 dollars in July to 47.3 dollars in August 2015.
“The current revenue challenge was further worsened with a decline of over N44 billion in non oil revenue collections,” she said.
