The Federation Account Allocation Committee shared the sum of N345 billion among the three tiers of government in March 2016 being the statutory allocation for the month of February, this year. The distributable monthly revenue allocation marginally decreased after it rose to N370.41 billion in January, as the allocation for the month under review represents a decrease of N25.41 billion.
Briefing newsmen shortly after the monthly FAAC meeting held at the Federal Ministry of Finance in Abuja, the Minister of Finance, Mrs. Kemi Adeosun, who was represented by the Permanent Secretary in the Ministry, Mahmoud Isa Dutse, said the gross statutory revenue of N270.499 billion received for the month of February was lower than the N290.961 billion received in the previous month by N20.462 billion.
The Minister blamed the intermittent shutdown and shut-in of production for repair and maintenance at various oil terminals in the month under review as factors that had continued to influence crude oil and gas revenue negatively in the country.
Giving the breakdown of how the statutory revenue was shared to the three tiers of government for February, she said the federal government got N127.2 billion, while states got N64.5 billion, with local governments getting N49.5 billion.
The Chairman, who put revenue for Value Added Tax (VAT) at N64.7 billion, said there was a revenue loss of $45.90 million as a result of the drop in the average price of crude oil from $39.04 in December, 2015 to $29.02 in January, 2016.
Adeosun disclosed the public that non-oil revenue recorded a decrease in the month at N94.1 billion, indicating a decrease of N23.1 billion below the previous month’s non-oil receipt.
She said the distributable statutory revenue for the month stands at N387.7 billion, including VAT of N64.7 billion, while the sum of N6.3 billion was refunded to the Federation Account by the Nigerian National Petroleum Corporation (NNPC).
