The three tiers of government in the country have shared a total of N539.242 billion federal revenue for the month of June 2015.
A communiqué issued by the Federation Account Allocation Committee (FAAC) confirmed that the Federal government got N218.928 billion (52.68%),against N151.805 it got in May; the States got N111.043 billion (26.72%) against N76.998 billion they got in the preceding month and the Local Governments got N85.610 billion (20.60%) compared to N59.362 billion they got the previous month. The oil producing States got N34.104 billion as 13% derivation revenue, which was higher than the N29.071 billion they got in May.
For the month of June, the distributable statutory revenue was N485.952 billion. The sum of N6.330 billion was refunded by the NNPC, while N6.456 billion was realised as exchange rate gain. Furthermore, gross revenue of N64.992 billion was realised from the Value Added Tax (VAT). This was N8.171 billion higher than the N56.821 billion realised in the preceding month. Gross revenue of N485.952 billion was received in the month, which was higher than the N324.061 billion received in May by N161.891 billion.
According to the communiqué, a number of factors impacted negatively on crude oil revenue, namely; declaration of Force Majeure by SPDC, Shutdown and Shut-in of trunks and pipelines at Nembe and Trans Forcados Terminals. Also, a price increase of 9.8% recorded between April and May 2015 was enough to cancel the effect of revenue loss due to a drop in the volume of crude oil sold.
Federal Ministry of Finance
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Report By: PRNigeria.com