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FG, States, LGs Share N422.6B For August

Federation Account Allocation Committee (FACC) has shared N422.6 billion among the federal, states and local governments as revenue for August, 2015. Permanent Secretary Federal Ministry of Finance, Mrs. Anastasia Nwaobia, made this known in Abuja when she briefed journalists on the outcome FAAC meeting.

She said that the amount comprised the month’s net statutory revenue of N369.1 billion as well as exchange gain of N4.9 billion which was proposed for distribution. This, she said, brought the total revenue distributable for the month of August including VAT of N62.1 billion to N442.6 billion.

Nwaobia said N6.3 billion was refunded to the federation by Nigerian National Petroleum Corporation (NNPC) and was also proposed for sharing. The sum of N511.7 billion was shared to the three tiers of government as revenue for the preceding month of July which represents a shortfall of N69.1 billion.

Giving the breakdown of revenue among the three tiers of government, Nwaobia said the Federal Government received N168.6 billion, representing 52.68 per cent while states received N85.5 billion representing 26.72 per cent. The local governments received N65 billion, amounting to 20.60 per cent of the amount distributed.

Nwaobia also disclosed that N27.8 billion representing 13 per cent derivation revenue was shared among the oil producing states. She informed that the N62.1 billion of VAT collected for the month showed a decrease of N12.7 billion from what was collected in the month of July.

According to her N215.9 billion was generated as mineral revenue and N153.1 billion as non-mineral revenue. This showed a decrease of N12.8 billion and N51.5 billion, respectively, from what the country generated as mineral and non-mineral revenue in the preceding month.

She put the balance in the Excess Crude Account as at $2.25billion, which showed that noting had been removed or added to it since July. “The Shut down and Shut-in of production for maintenance at different times and terminals during the month of July were the major issues that negatively impacted crude oil revenue.

“Also, there was revenue loss of 8.6 million dollars as a result of drop in average price of crude oil from 61.2 dollars per barrel to 56.7 dollars in July, 2015,” she said. Nwaobia said that N12.5 billion was refunded to the Federal Inland Revenue Service because they were over deducted.



– Paschal Emeka, Abuja

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