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Monthly revenue declines as FG, States, LGs share N634.7bn in April

By BusinessNews Staff on May 17, 2014

Production hiccups including shut ins at the qua Iboe and Yoho Terminals as well as the shut down of Forcados and Bonny Terminals have lowered gross crude oil revenue receipts to about N584.15 billion in April compared to about N614.35 billion the previous month.

The shortfall was also as a result of repair works on Brass terminal following theft and pipeline leakages during the period under review.
Notwithstanding, a total sum of N634.72 billion was yesterday shared among the three tiers of government for April.

Addressing journalists yesterday after the monthly meeting of the Federation Accounts Allocation Committee (FAAC) in Abuja, the Accountant General of the Federation (AGF), Mr. Jonah Otunla, said mineral resources revenue also fell to about N474.88 billion in April compared to about N519.99 billion in March.

But non-mineral resources revenue increased to about N109.27 billion in April compared to N94.36 billion the previous month.

The value added tax (VAT) increased by about N2.11 billion to about N65.42 billion against N63.30 billion in March.

Giving a breakdown of the amount distributed among the three tiers of government, Otunla noted that on the net statutory allocation, the federal government received about N249.060 billion while the states got about N126.32 billion as well as the local governments which shared about N97.39 billion.

The sum of about N55.18 billion was allocated to the oil and gas producing states under the derivation principle.

For the VAT receipts, the federal government got about N9.42 billion while the states received about N31.40 billion as well as local governments which also got about N21.98 billion.

Total distributable revenue for the month stood at about N533.74 billion.
Also shared was the constant N35.54 billion proposed for distribution under the Subsidy Reinvestment Empowerment Programme (SURE-P).

[This Day]

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