The Federation Account Allocation Committee (FAAC) yesterday shared the sum of N409.354 billion being the allocation for the month of May 2015.
This allocation indicates an increase in the revenue distributed more than what was shared in April 2015.
According to the committee chaired by the permanent secretary, Federal Ministry of Finance, Mrs Anastasia Daniel Nwaobia, the gross revenue of N324.061 billion received for the month was higher than the N282.062 billion received in the previous month by N41.999 billion.
The federal government got N151.805 billion representing 52.68 per cent, states received N76.998 billion which represented 26.72 per cent and the local government councils received N59.362 billion which amounted to 20.60 per cent of the total allocation.
Other revenues distributed include Value Added Tax (VAT) of N56.821 billion. Out of this amount, the federal government got N8.182 billion which represented 15 per cent, states received N27.274 billion representing 50 per cent while the local government councils received N19.092 billion representing 35 per cent.
She noted that delays in issuance of third quarter 2015 Export Permit led to a drop of about N160,000 barrels per day in April 2015, adding that shut down and shut-in of trunks and pipe lines at terminals also continue to impact negatively on crude oil revenue. The permanent secretary disclosed that an increase in the average price of crude oil from $56.04 million in March 2015 to $59.88 million in April, brought about a $19.70 million gain in revenue.
Non-oil revenues, according to her, are expected to perform better in the later part of 2015 due to some mechanisms put in place by the Federal Inland Revenue Service (FIRS).
“The distributable statutory revenue for the month is N324.061 billion. The sum of N6.330 billion was refunded by the NNPC to the federal government,” she stated.
Also, there was exchange rate gain of N31.240 billion which is proposed for distribution, making the total distributable revenue for last month, including VAT, N409.354 billion.