By Gloria Emmanuel The Federal, States and Local Governments have shared N370.4 billion as revenue for January 2016.
Minister of Finance, Mrs. Kemi Adeosun announced this on Tuesday in Abuja, during the post Federation Accounts Allocation Committee (FAAC) meeting press briefing.
According to her, the shared amount comprised of the month’s statutory revenue of N290.9 billion, VAT of N69.7 billion and N6.3 billion that was refunded to the federation account by the Nigerian National Petroleum Corporation (NNPC).
She also announced an exchange gain of N3.4 billion which was proposed for distribution.
There is however a shortfall of N17.4 billion as a total of N387.8 billion was shared to the three tiers of government in December 2015.
The minister spoke further, “The total revenue distributable for the month of January, including VAT of N69.7 billion is N370.4 billion.
However, there was a slight increase in production of crude in December 2015 but the resulting income was marginal due to a 10 per cent drop in crude oil prices.
The drop in the average price of crude oil from 43.40 dollars in November to 39.04 in December 2015 resulted in a revenue loss of 22.55 million dollars.”
The breakdown of the sharing shows that the Federal Government received N137.5 billion, representing 52.68 per cent, while states got N69.7 billion, representing 26.72 per cent.
Adeosun said the local governments received N53.7 billion, amounting to 20.60 per cent of the amount distributed, adding that N22.4 billion, representing 13 per cent derivation revenue was shared among oil producing states.
According to her, the country generated N173.7 billion as mineral revenue and N117.3 billion as non-mineral revenue in January, a decrease of N40.9 billion and an increase of N16.9 billion respectively from what the country generated in the preceding month.
She gave the balance in the Excess Crude Account $2.25 billion dollars, explaining that vandalism of the oil pipelines has negative impact on oil revenue generation hence, the shortfall.
