FG, STATES AND LGs SHARE N473.832 BILLION OCTOBER 2015 REVENUE

Gross statutory revenue of N400.310 billion was received for the month of October. This was N78.314 billion higher than the N321.996 billion received as gross revenue in September. For the month, gross revenue available from the Value Added Tax (VAT) was N60.197 billion as against N56.399 billion distributed in the preceding month , resulting in an increase of N3.798 billion. Also, the sum of N6.330 billion was refunded by the NNPC, while N6.995 billion came in as exchange rate gain.

A communiqué by the Federation Account Allocation Committee (FAAC) showed that the Federal Government got N191.994 billion (52.68%) as against N151.343 received for September. The States got N97.382 billion (26.72%) as against N76.763 billion received in September, while the Local Government Councils received N75.077 billion (20.60%) as against N59.181 billion they got in September. The Oil Producing States received N24.141 billion as 13% derivation revenue as against N27.505 billion received in the previous month.

The communiqué explained that intermittent Shut-down and Shut-in of production for repairs and maintenance at different Terminals during the month, continued to impact negatively on Crude Oil and Gas revenue. In addition, the country lost $1.3m due to drop in average price of Crude Oil from $47.315 in August to $46.96 in September 2015. However, non-oil revenue recorded significant improvement in the month.

Meanwhile, the Minister of Finance, Mrs Kemi Adeosun has hinted that the balance in the country's Excess Crude Account currently stands at $2.258 billion. The Minster, who briefed reporters at the end of the Federation Account Allocation Committee (FAAC) meeting in Abuja, hinted that the monies reportedly returned by individuals that looted the country's treasury, was not shared by FAAC. She said presently the exact amount so far returned could not be ascertained , but that the funds would be returned to where they were stolen when all the loot are recovered.