The Federal, States and Local Government Councils have shared a total of N522.052 billion as federal allocation for the month of February, 2015.
A communiqué issued by the Federation Accounts Allocation Committee (FAAC) indicted that the Gross Revenue received for February 2015 was N401.467 billion.
This amount, when compared to the N416.096 billion received in January, 2015 showed a decline of N14.629 billion.
The decline in federal revenue in January 2015 according to the communiqué was attributed to the substantial loss of revenue due to further drop in Crude Oil prices from $52.337m in December 2014 to $48.655m in January, 2015. Also, revenue from gas dropped due to the fall in price from $420.600/MT in December, 2014 to $190.226/MT in January, 2015.
It added that the persistent shut down and shut-in of trunks and pipe lines at various Terminals continued to impact negatively on the revenue performance, and the Non-oil revenues dipped further in February, 2015 relative to the previous month.
The distributable Statutory Revenue for February according to the communiqué was N401.467 billion, while the Gross Revenue available from the Value Added Tax (VAT) was N58.256 billion as against N63.935 billion distributed in the previous month, resulting in a decrease of N5.679 billion.
The communiqué further stated that, the sum of N6.330 billion was
refunded by NNPC to FGN. Also, there is exchange gain of N55.999 billion which is proposed for distribution, adding that an additional exchange gain of N45.748 billion was also received and distributed for the month of February 2015, thus bring the total revenue distributable for the current month (including VAT) to N522.052 billion.
From this amount, the federal government got its 52.68%,
the State governments got 26.72% and the Local
government councils got 20.60%, while the oil producing
States got 13% of its derivation revenue.