Report from Federal Ministry of Finance
A total of N634.721 Billion has been shared to the three tiers of Government in the country as federal allocation for April, 2014. The current revenue is N6.659 Billion less than the N641.380 Billion shared to the three tiers of Government for March, 2014.
The distributable statutory revenue for April was N533.746 Billion. The gross revenue available from the Value Added Tax (VAT) was N65.425 Billion. This was N2.119 Billion higher than the N63.307 Billion available in the previous month. The sum of N35.549 from the SURE-P added up to the total distributable revenue for the month.
A communiqué issued by the Federal Accounts Allocation Committee (FAAC) indicated that the Federal Government got a total of N 249.060 Billion (52.68%) as against the N249.084 Billion in March. The State Governments got N126.327 Billion (26.72%) as against the N126.339 Billion they got in March.
The Local Governments were given N97.392 Billion (20.60%) as against N97.402 Billion in March. For April, the oil producing States got N55.182 Billion as 13% derivation revenue compared to the N 57.270 Billion they got in the preceding month.
The communiqué indicated that the gross revenue of N584.151 was received for the month. This was lower than the N614.358 Billion received in the previous month by N30.207 Billion.
Production shut-in at Qua Iboe and Yoho Terminals, shut down at Forcados and Bonny Terminals were some factors that contributed to the decline in revenue.
Other factors included oil theft and pipeline vandalism which resulted in repair works at Brass Terminal.
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