Allocation: FG, States, Local Govts. Share N611.708 Billion For August

The Federal, States and Local Governments have shared a total of N611.708 billion as federal allocation for the month of August 2014.

From this amount, the Federal Government got N238.089 billion (52.68%) as against N257.323 billion in July; the State Governments got N120.762 billion (26.72%) as against N130.518 billion in July and the Local Governments got N93.102 billion (20.60%) as against N100.624 billion in July. The oil producing states got N44.846 billion as 13% derivation revenue as against N52.878 billion in July.

A communiqué issued by the Federation Accounts Allocation Committee (FAAC) indicated that the gross revenue received for August was N601.648 billion. This amount, when compared to the N630.325 billion received in July showed a decline of N28.677 billion.

The decline in federal revenue in August according to the communiqué was due to the Force Majeure declared by Shell and a series of Shutdown of trunklines and pipelines at various terminals. However, payments and returns by some bluechip companies and increase in the receipt of foreign CIT boosted non-oil revenue for the month.

The distributable statutory revenue for August was N504.646 billion. The gross revenue available from the Value Added Tax (VAT) was N61.513 billion. This was N3.954 billion lower than the N65.467 billion available in the preceding month. The sum of N35.549 billion available from the Subsidy Reinvestment Programme (SURE-P), added to the total distributable revenue for the month.

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