…FG gets N112bn, states N57bn
From Isaac Anumihe, Abuja
A total of N305.128 billion was distributed by the Federation Accounts Allocation Committee (FAAC), yesterday to the three tiers of governments for the month of May.
The Federal Government got N112.830 billion (52.68 per cent), states N57.229 billion (26.68 per cent) while local governments got N44.121 billion (20.60 per cent).
Similarly, the oil-producing states received 13 per cent mineral revenue derivation of N16.738 billion.
Speaking after the FAAC meeting in Abuja, Minister of Finance, Mrs Kemi Adeosun also announced a $2.261 billion as the balance of Excess Crude Account (ECA) and an exchange gain of N2.546 billion while N6.330 billion was refunded by the Nigerian National Petroleum Corporation (NNPC) to Federal Government.
In a communiqué by the Director, Funds, in the Office of the Accountant General of the Federation, Mr Salawu Zubiru, a gross statutory revenue of N237.466 billion received for the month was higher than the N213.817 billion received in the previous month by N23.649 billion.
Also, crude oil production and export dropped by about 2.3 million barrels in February, 2016 due to Force Majeure declared at Forcados Terminal, shut-in and shut-down of pipelines at other terminals for repairs and maintenance.
“As a result, federation export revenue declined by $57.88 million even though the average price of crude oil increased from $29.02 in January to $32.26 in February, 2016. Companies Income Tax (CIT) recorded a marginal increase even as the time for companies to file their returns is yet to fall due. The distributable statutory revenue for the month is N237.466 billion. The sum of N6.330 billion was refunded by NNPC to FGN. Also, there is an exchange gain of N2.546 which is proposed for distribution. The total revenue distributable for the current month (including VAT) is N305.128 billion,” director, said.