FAAC: FG, States, LGs share N281bn in April
The Federal Government, state governments and local councils received a net statutory allocation of N207.878 billion as federal allocation for April which was shared among the three tiers of government as follows: Federal Government 52.68%, States 26.72%, Local government 20.60% and 13% derivation of Mineral Revenue for oil producing states.
A communique released by the Federation Accounts Allocation Committee (FAAC) and signed by the Accountant-General of the Federation, Alhaji Ahmed Idris indicated that the gross revenue of N213.817 billion received for the month was lower than the N232.619 billion received in the previous month by N18.802 billion.
Oil Production increased slightly between December, 2015 and January 2016 despite explosions at Escravos Terminal, Force Majeure declared at Brass Terminal as well as Shut -in and Shut down of Pipelines at other Terminals for repairs and maintenance. However, there was revenue loss of $45.90 million as a result of drop in average price of Crude Oil from $39.04 in December 2015 to $29.02 in January, 2016. Also, a marginal drop in income was recorded from oil and gas royalty and import duty.
The distributable statutory revenue for the month was N213.817 billion. The sum of N6.330 billion was refunded by the NNPC to FGN. Also, there is exchange gain of N2.424billion which was also proposed for distribution.
The total revenue distributable for the current month (including VAT) is N281.500 billion.
Details of the statutory revenue distributable for the month of March, 2016 is as follows: federal government
received N101.215 billion (52.68%), States received N51.338 billion (26.72%) and local councils received
N39.579 billion (20.60%), while oil-producing states received oil and gas).