FG, STATES AND LGs SHARE N511.799 BILLION FOR JULY 2015
A communiqué issued by the Federation Account Allocation Committee (FAAC) confirmed that the Federal Government got N218.928 billion (52.68%),against N151.805 it got in May; the States got N111.043 billion (26.72%) against N76.998 billion they got in the preceding month and the Local Governments got N85.610 billion (20.60%) compared to N59.362 billion they got the previous month. The oil producing States got N34.104 billion as 13% derivation Revenue, which was higher than the N29.071 billion they got in May.
For the month of June, the distributable statutory revenue was N485.952 billion. The sum of N6.330 billion was refunded by the NNPC, while N6.456 billion was realised as exchange rate gain. Furthermore, Gross Revenue of N64.992 billion was realised from the Value Added Tax (VAT). This was N8.171 billion higher than the N56.821 billion realised in the preceding month. Gross Revenue of N485.952 billion was received in the month, which was higher than the N324.061 billion received in May by N161.891 billion.
According to the communiqué, a number of factors impacted negatively on crude oil Revenue, namely; declaration of Force Majeure by SPDC, Shutdown and Shut-in of trunks and pipelines at Nembe and Trans Forcados Terminals. Also, a price increase of 9.8% recorded between April and May 2015 was enough to cancel the effect of revenue loss due to a drop in the volume of crude oil sold
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).