The Federation Account Allocation Committee (FAAC) shared the sum of N281.5 billion among the three tiers of government in May, this year, being the statutory allocation for the month of April.
The distributable monthly revenue allocation gain marginally dropped for the third consecutive month after it rose to N370.41 billion in January, as the allocation for the month,, under review represented a decrease of 18.2 billion from the March allocation.
Briefing newsmen shortly after the monthly FAAC meeting held at the Federal Ministry of Finance Headquarters, 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 N213.8 billion was received in the month under review which is lower compared to the amount received in the previous three months.
The minister blamed the fall in oil price, decline in oil proceeds and current vandalism of oil pipelines across the nation as factors that have continued to impact crude oil and gas revenue negatively.
Giving the breakdown of how the stator revenue was shared among the three tiers of government for April, Adeosun said the Federal Government got N101.2 billion, while states government received N51.3 billion and the local governments received N39.5 billion.
The chairman of FAAC, who put the revenue for Value Added Tax (VAT) for the month of April at N65.2 billion, said “there was the exchange gain of N2.4 billion which was proposed for distribution, making the total revenue distributable N281.5 billion.”
She said the N6.3 billion refunded to the Federation Account by the Nigerian National Petroleum Corporation (NNPC) was also shared. She added that N15.7 billion, indicating 13 per cent derivation revenue, was shared among the oil-producing states.
The Minister said in April, the country generated N122.3 billion as mineral revenue and N91.5 billion as non-mineral revenue, showing an increase of N12.2 billion, adding that N1.5 billion, being excess bank charges, was also recovered and paid into the Federation Account.
However, the Excess Crude Account for the month maintained a balance of $2.26 billion.