FG, STATES AND LGs SHARE N418.452 BILLION FOR MAY 2015

The three tiers of government in the country have shared a total of N418.452 billion federal revenue for the month of May 2015. 

A communiqué issued by the Federation Account Allocation Committee (FAAC) indicate that the Federal government got N151.805 billion (52.68%), the States got N76.998 billion (26.72%) and the Local Governments got N59.362 billion (20.60%). The oil producing States got N29.071 billion as 13% derivation revenue. 

For the month of May 2015, the gross revenue available from VAT was N56.821 billion. This was N18.339 billion lower than the N75.160 billion realised in the preceding month. 

The distributable statutory revenue for May was N324.061 billion. A total of N6.330 billion was refunded by the NNPC and N31.240billion was realised as exchange rate gain. All these, together with the revenue from VAT made up the total distributable revenue for the month. 

According to the communiqué, gross revenue of N324.061 billion was received for the month, which was N41.999 billion higher than the N282.062 billion received in April. The country recorded a drop of 160,000 bopd in April as a result of delays in issuance of third quarter 2015 Export Permit. Furthermore, shutdowns and shut-in of trunks and pipelines at Terminals impacted negatively on crude oil revenue.

The communiqué confirmed that an increase in the average price of crude oil from $56.04m in March 2015 to $59.88m in April 2015 brought about $19.70m gain in revenue. Meanwhile, non-oil revenue are expected to perform better in the later part of the year due to some mechanism put in place by the Federal Inland Revenue Service (FIRS).