March 2015 Federal Allocation: FG, others share N435.061Billion

ABUJA (Office of Accountant General of the Federation Report)

The Federal Government, States and Local Government Councils have shared a total of N435.061 billion (Four Hundred and Thirty Five Billion, Sixty-One Million Naira) only as federal allocation for the month of March, 2015.

A communiqué issued by the Federation Accounts Allocation Committee (FAAC) on Wednesday April 22, 2014 indicates that the gross revenue received for the month of March 2015 was N315.044 billion (Three Hundred and Fifteen Billion, Forty – Four Million Naira) only. Adding, the amount when compared with the N401. 42 billion (Four Hundred and One Billion, Forty-Two Million Naira) received in February 2015 shows a decline of N86.423 (Eighty-Six Billion, Four Hundred and Twenty-Three Million Naira).

According to the report, the persistent shut-down and shut-in of trunk lines at various terminals has continued to impact negatively on crude oil revenue. It disclosed further that an increase in the average price of crude oil from $48.65m to $55.34m in February 2015 boasted revenue by about $43.73m.

“It is also of note that the non-oil revenues dipped further in March 2015 partly due to the fact that the time slated for companies to file in their returns has not fallen due. The shared amount comprised of the monthly statutory revenue of N314. 515 billion (Three Hundred and Fourteen Billion, Five Hundred and Fifteen Million Naira) and N6.330 billion (Six Billion, Three Hundred and Thirty Million Naira) refunded to the Federal Government by the Nigerian National Petroleum Corporation (NNPC). There is also exchange gain of N33.529 (Thirty Three Billion, Five Hundred and Twenty-Nine Naira) which was proposed for distribution. An additional sum of N9.490 billion (Nine Billion, Four Hundred and Ninety Million Naira) was paid to the Federation Account by the NNPC,” the communiqué stated.

“Consequently, from the total distributable revenue for the current month, inclusive of the Value Added Tax (VAT) which amounts to N435.061 billion (Four Hundred and Thirty Five Billion, Sixty-One Million Naira), the Federal Government received N146.486 billion (One Hundred and Forty-Six Billion, Four Hundred and Eighty Six Million Naira) amounting to 52.68%; the States received N74.299 billion (Seventy Four Billion, Two Hundred and Ninety Nine Million Naira) being 26.72% and the Local Governments received N57.282 billion (Fifty Seven Billion, Two Hundred and Eighty Two Million Naira) which is 20.60%; while the Oil Producing States received N29.378 billion (Twenty-Nine Billion, Three Hundred and Seventy Eight Naira) as 13% derivation revenue.”