NON-OIL REVENUE INCEREASES AS FG, STATES AND LGC’S SHARE N473,832 BILLION AS FEDERAL ALLOCATION FOR THE MONTH OF OCTOBER 2015
There has been a significant increase in amount of money realized from the Non-oil revenue generating activities accruing to the Federation in the month of October 2015. This has led to the Federal Government, State Governments and Local Government Councils to share a total of N473,893 Billion, as Federal Allocation for the month of October, 2015.
There has been a significant increase in amount of money realized from the Non-oil revenue generating activities accruing to the Federation in the month of October 2015. This has led to the Federal Government, State Governments and Local Government Councils to share a total of N473,893 Billion, as Federal Allocation for the month of October, 2015.
The communiqué released by the Federation Accounts Allocation Committee (FAAC) at the end of their meeting in Abuja, indicated that the Gross Revenue of N473,893 billion received for the month of October, is higher by N83,896 when compared with the N389,936 billion distributed in the month of September 2015.
Although there was an increase in Non Oil Revenue which was as a result of payment of Company Income Tax by the Nigeria Natural Liquefied Natural Gas, there was still a shortfall in the projected Revenue expected from oil. The shortfall was attributed to revenue loss of $1.3 m arising from drop in average price of Crude oil from $47.315 in the month of August to $46.96, in the month of September, as well as shut down and shut-in of production due to maintenance of terminals during the month.
Accordingly, the breakdown of amount shared include N400.310 billion from Mineral and Non- mineral Revenue; Value Added Tax of N60.197 billion which also was higher by N3.798 billion when compared with the N56.3999 billion shared the previous month; Exchange gain of N6.995 billion and N6.330 billion refunded to the Federal Government by Nigerian National Petroleum Corporation( NNPC).
Accordingly, details of the Statutory revenue distributed for the month of September is as follows: Federal Government received N191.994 billion (52.68%); States received N97.382 billion (26.72%); Local Government Councils received N75.077 billion (20.60%); while the Oil Producing States received N24.141 billion as 13% derivation revenue.
Furthermore, the breakdown of the Value Added Tax (VAT) distribution for the month include: N8.668 billion (15%); States N28.895 billion (50%) while the Local Government Councils got N20.226 billion (35%).
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