Press Release On March 2015 Federal Allocation

The Federal Government, State governments and Local government councils shared a total of N435.061 billion as Federal allocation for the month of March, 2015.

A communique issued by the Federation Accounts Allocation Committee  (FAAC) indicated that the Gross Revenue received for the month of March was N315.044 billion. This amount when compared with the N401. 42 billion received in February 2015 showed a decline of N86 423 billion. The communique noted that the continual shut down and shut-in of trunk lines at various terminals has continued to impact negatively on crude oil revenue. However, an increase in the average price of Crude oil from  $48.65m to $55.34m in February,2015 boasted revenue by about  $43.73m.

It is also of note that the Non-oil revenues dipped further in March partly due to the fact that the time frame for companies to file their returns has not fallen due.

The shared amount comprised of the month statutory revenue of N314. 515 billion and N6.330 billlion refunded to the Federal government by Nigerian National Petroleum Corporation( NNPC). There is also exchange gain of N33.529 billion which was proposed for distribution. An additional sum of N9.490 billion was paid to the Federation Account by the NNPC.

Consequently, from total distributable revenue for the current month  (including VAT ) of N435.061 billion, Federal government received N146.486 billion (52.68%); States received N74.299 billion (26.72%); Local governments received N57.282 billion  (20.60%); while the oil producing States received N29.378 billion as 13% derivation revenue.