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November 2014 Allocation: FG, States, LG Councils Share N628.775 Billion

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The Federal, States and Local Governments have shared a total of N628.775

billion as federal allocation for the month of November 2014.

From this amount, the Federal Government got N196.463 billion (52.68%);

the State Governments got N99.649 billion (26.72%) and the Local

Governments got N76.825 billion (20.60%). The oil producing States got

N39.915 billion as 13% derivation revenue.
A communiqué issued by the Federation Accounts Allocation Committee (FAAC)

indicated that the gross revenue received for November was N500.076

billion. This amount, when compared to the N536.692 billion received in

October 2014 showed a decline of N36.616 billion.
The decline in federal revenue in November 2014 according to the

communiqué was attributed to the drastic drop of 33% in export volume

between Sept. and Oct., 2014 and a further drop in Crude Oil price from

US$96.81 in September to US$87.78 in October impacted negatively on the

revenue for the month.
Also, the on-going Force Majeure by Shell since June, 2014 and the

incessant shut down and Shut-in of Trunks and Pipelines at various

terminals also contributed negatively.
The distributable Statutory Revenue for November was N427.654 billion. The

Gross Revenue available from the Value Added Tax (VAT) was N60.638

billion. The sum of N35.549 billion available from the Subsidy

Reinvestment Programme (SURE-P), added to the total distributable revenue

for the month.
According to the Communiqué, the sum of N6.330 billion was refunded by the

NNPC to FGN. There is an exchange gain of N6.130 billion which is proposed

for distribution and also additional amount of N55.601 billion received

from NNPC which is also proposed for distribution, bringing the total

revenue distributable for the current month (including VAT) at N628.775

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