The Federal, States and Local Governments have shared a total of N628.775 billion as federal allocation for the month of November 2014.
From this amount, the Federal Government got N196.463 billion (52.68%); the State Governments got N99.649 billion (26.72%) and the Local Governments got N76.825 billion (20.60%). The oil producing States got N39.915 billion as 13% derivation revenue.
A communiqué issued by the Federation Accounts Allocation Committee (FAAC) indicated that the gross revenue received for November was N500.076 billion. This amount, when compared to the N536.692 billion received in October 2014 showed a decline of N36.616 billion.
The decline in federal revenue in November 2014 according to the communiqué was attributed to the drastic drop of 33% in export volume between Sept. and Oct., 2014 and a further drop in Crude Oil price from US$96.81 in September to US$87.78 in October impacted negatively on the revenue for the month. Also, the on-going Force Majeure by Shell since June, 2014 and the incessant shut down and Shut-in of Trunks and Pipelines at various terminals also contributed negatively.
The distributable Statutory Revenue for November was N427.654 billion. The Gross Revenue available from the Value Added Tax (VAT) was N60.638 billion. The sum of N35.549 billion available from the Subsidy Reinvestment Programme (SURE-P), added to the total distributable revenue for the month.
According to the Communiqué, the sum of N6.330 billion was refunded by the NNPC to FGN. There is an exchange gain of N6.130 billion which is proposed for distribution and also additional amount of N55.601 billion received from NNPC which is also proposed for distribution, bringing the total revenue distributable for the current month (including VAT) at N628.775 billion.
K.N. Offie (Mrs.)
DD (Press)
