FG, States, LGs share N511.8bn for July
(Nigeria) The Permanent Secretary, Federal Ministry of Finance, Mrs
Anastasia Nwaobia, on Wednesday said N511.8 billion was shared among the
federal, states and local governments as revenue for July, 2015.
Nwaobia in Abuja when she addressed newsmen on the outcome
of the Federation Accounts Allocation Committee, FAAC, meeting, said that the
shared amount comprised the month's net statutory revenue of N433.5 billion.
"Also, there is the exchange gain of N6.4billion which
is proposed for distribution. Therefore, the total revenue distributable for
the month of July including VAT of N74.9 billion is N511.8 billion," she
said.
Nwaobia said that N6.3 billion was refunded by Nigerian
National Petroleum Corporation, NNPC, and was also proposed for sharing.
Giving the breakdown of revenue among the three tiers of
government, Nwaobia said that the Federal Government received N202.1 billion,
representing 52.68 per cent; states, N102.5 billion, representing 26.72 per
cent.
She said that the local governments received N79 billion,
amounting to 20.60 per cent of the amount distributed.
Nwaobia announced that N28.2 billion representing 13 per
cent derivation revenue was shared among the oil producing states.
On VAT, she said that the N74.9 billion net revenue
collected for the month showed an increase of N9.9 billion from what was
collected in the preceding month.
She said that the country got N228.8 billion as mineral
revenue and N190.2 billion as non-mineral revenue.
She said that the balance in the Excess Crude Account as at
Wednesday was 2.25 billion dollars, showing a slight increase from the 2.20
billion dollars balance present in the preceding month.
Nwaobia decried the low revenue generation for the month,
while explaining certain reasons for it.
"The shut down and shut-in of production for
maintenance and emergency repairs as well as declaration of ``Force Majeure’’
by SPDC were the major issues that negatively impacted crude oil revenue.
"Also, there was revenue loss of 22.5 million dollars
as a result of drop in average price of crude oil from 65.7 dollars per barrel
to 61.2 dollars in June 2015," she said.
She said that the declaration of force majeure by Shell
Petroleum Development Company, shutdown of trucks and production pipeline at
Nembe and Trans Forcado terminal impacted negatively on crude oil revenue.
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