The Federal, States and Local Governments have shared a total of N603.529 billion as federal allocation for the month of September 2014.
From this amount, the Federal Government got N217.771 billion (52.68%); the State Governments got N110.456 billion (26.72%) and the Local Governments got N85.157 billion (20.60%). The oil producing States got N43.735 billion as 13% derivation revenue.
A communique issued by the Federation Accounts Allocation Committee (FAAC) indicated that the gross revenue received for September was N502.097 billion. This amount, when compared to the N601.648 billion received in August 2014 showed a decline of N99.551 billion.
The decline in federal revenue in September according to the communiqué was attributed to the slight decrease in Crude Oil Prices and Production Loss due to Shut-in and Shutdown of Trunklines and Pipelines at various terminals.
The distributable Statutory Revenue for September was N463.799 billion. The Gross Revenue available from the Value Added Tax (VAT) was N65.102 billion. The sum of N35.549 billion was proposed for distribution under the Subsidy Reinvestment Programme (SURE-P). In addition, the sum of N6.330 billion was refunded by the NNPC to FGN. However, the total revenue distributable for the month (including VAT) is N603.529 billion.
The Communiqué also disclosed that, in addition to the N30 billion Revenue receipts from NNPC, the sum of N2.769 billion meant to be transferred to the Excess Crude savings account be distributed to augment the shortfalls in revenue.
