Lagos - The three tiers of government in the country have shared a total of N418,452 billion federal revenue for the month of May as gross revenue received during the period increase, the Ministry of Finance disclosed.
A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that that the Federal government got N151,805 billion (52,68 percent), the States got N76, 998 billion (26,72 percent) and the Local Governments got N59,362 billion (20, 6 percent) while the oil producing States got N29,071 billion as 13 percent derivation revenue.
For the month of May 2015, the gross revenue available from value-added tax was N56, 821 billion. This was N18,339 billion lower than the N75, 160 billion realised in the preceding month.
The distributable statutory revenue for May was N324,061 billion.
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A total of N6,330 billion was refunded by the NNPC and N31,240billion was realised as exchange rate gain.
According to the FAAC communiqué, gross revenue of N324,061 billion was received for the month, which was N41, 999 billion higher than the
N282,062 billion received in April.
The country recorded a drop of 160 000 barrels per day in April as a result of delays in issuance of third quarter 2015 Export Permit.
Furthermore, shutdowns and shut-in of trunks and pipelines at Terminals impacted negatively on crude oil revenue.
The communiqué confirmed that an increase in the average price of crude oil from $56,04 million in March 2015 to $59,88 million in April 2015 brought about $19,70 million gain in revenue.
“Meanwhile, non-oil revenue are expected to perform better in the later part of the year due to some mechanism put in place by the Federal Inland Revenue Service (FIRS),” FAAC stated.
- CAJ News