Abuja- The Federation Accounts Allocation Committee (FAAC) on Wednesday in Abuja shared N620.65 billion among the three tiers of government for May.
The Minister of State for Finance, Dr Yerima Ngama, made this known when he briefed newsmen shortly after the committee’s meeting.
"The total revenue distributed for the month of May, including Value Added Tax (VAT), is N620.65 billion.
"The distributable statutory revenue was N502.61billion and there was no augmentation proposed for the month.
"The sum of N7.61 billion was refunded by NNPC while the sum of N35.54 billion was proposed for distribution under the SURE-P programme.
A breakdown of the distribution showed that the Federal Government received N235.77 (52.68 per cent), states had N119.59 billion (26.72 per cent) while the local governments got N92.19 billion (20.60 per cent).
The minister said that N48.87 billion or 13 per cent derivation fund was paid to the six oil producing states.
Ngama said that the gross revenue of N590.77 billion received for the month was lower than the N621.07 billion received in the previous month by N30.29 billion.
"This was due to drop in crude oil production and lifting operations occasioned by force majeure declared at Bonny Terminal and continuous theft and vandalism.
"However, non-oil revenue increased during the period partly due to the increased payments by companies filing their returns in order to comply with the due date,’’ he said.
The minister said that the mineral revenue collected for the month was N464.11billion, adding that the amount was less than N544.75billion received in the previous month.
He noted that the non-mineral revenue collected in May was N126.66, showing an increase of N50.35 billion compared to N76.31 that was collected in April.
Ngama said that N88.15 billion was deposited into the Excess Crude Account which brought the balance to 6.2 billion dollars.
He disclosed that N156 billion arrears of February allocation had been paid, adding that the remaining N2 billion would be paid at the next meeting.
The News Agency of Nigeria (NAN) recalls that Commissioners of Finance had staged a walkout on the minister of state on Thursday for non-payment of February arrears into the federation account.
Timothy Odah, the Chairman, Finance Commissioners Forum, commended President Goodluck Jonathan for his prompt response to issues surrounding the management of the federation account.