The Minister of State for Finance, Mr Bashir
Yuguda, said N388 billion was shared among
the federal, states and local governments as
revenue for April 2015.
Yuguda announced this in Abuja when he
addressed newsmen on the outcome of the
Federation Accounts Allocation Committee
(FAAC) meeting.
He said that the shared amount comprised
the month’s statutory revenue of N282 billion
and N6.3 billion refunded by Nigerian
National Petroleum Corporation (NNPC).
“Also, there is the exchange gain of N24.7
billion which is proposed for distribution,
therefore, the total revenue distributable for
the month of April, including VAT of N75.1
billion, is N388 billion.”
The amount shared for the month was N47
billion less than what was shared in the
preceding month.
The Federal Government received N132.1
billion, representing 52.68 per cent; states,
N67 billion, representing 26.72 per cent.
The local governments, he said, received
N51.6 billion, amounting to 20.60 per cent of
the amount distributed.
He announced that N23.1 billion representing
13 per cent derivation revenue was shared
among the oil producing states.
On VAT, he said that the gross revenue
collected for the month increased by N3.9
billion from the N71.1 billion recorded in
February.
Yuguda said N180.4 billion was generated as
mineral revenue in April as against the
N228.5 billion generated in the preceding
month.
According to him, this shows a decrease of
N48.1 billion between the two months.
He said that the non-mineral revenue for
April was N101.5 billion, which when
compared to the N86.4 billion generated in
March,
showed an increase of N15 billion.
The minister said the revenue generation for
the month was low, explaining certain
reasons for it.
He added that “the continued shut down and
shut in of trucks and pipelines at various
terminals continued to impact negatively on
crude oil revenue.
“However, an increase in the average price of
crude oil from 55.3 U.S. dollars in February
to 56 U.S. dollars in March brought about
21.6 million U.S. dollars gain in revenue.
“Also, non oil revenue performed better in
April than in March 2015.”
The Chairman, Finance Commissioners
Forum, Mr Timothy Odah, expressed concern
over the low revenue generated for the
month.
He said “the country is facing serious
financial and economic crisis.
“The Excess Crude Account is depleted
already, and you are aware that we had
earlier resolved that there should be a stop
on the
use of ECA to augment what the three tiers
of government share monthly.
“So, the ECA is currently depleted and it has
gone beyond the level that we can get
anything reasonable from it.”
Odah criticised states that were owing
salaries, saying the governors of those states
should have made the payment of salaries
their top priority after collecting their monthly
statutory allocation.
NAN reports that this is the last FAAC
meeting which revenue will be shared under
President Goodluck Jonathan’s
administration. thenewsnigeria.com.ng/2015/05/16/allocation-to-nigerian-states-dwindles-further/

Source before I comment

Tinubu was right.

Sweetguy25:
Tinubu was right.

how

Sweetguy25:
Tinubu was right.

Right that federal allocations are majorly drawn from oil sale receipts?

Plant cocoa una no gree

parasites

Naija go hear am wella.......

Country of bad 'leaders'.