The local governments, received N59.3 billion, amounting to 20.60 per cent of the amount distributed. And that N29 billion, representing 13 per cent derivation revenue, was shared among the oil producing states
The Permanent Secretary, Ministry of Finance, Mrs Anastasia Nwaobia, over the week announced N409.3 billion was shared among the Federal, States and Local Governments, as revenue for May, 2015
Nwaobia said while addressing newsmen on the outcome of the Federation Accounts Allocation Committee (FAAC) meeting in Abuja. Stated that the amount comprised the month’s statutory revenue of N324 billion and N6.3 billion refunded by Nigerian National Petroleum Corporation (NNPC).
Also, there is the exchange increase of N31.2 billion which is proposed for distribution.
“Therefore, the total revenue distributable for the month of May, including VAT of N56.8 billion, was N409.3 billion.”
The News Agency of Nigeria (NAN) reports that the amount shared for the month was N30.4 billion more than what was shared in the preceding month.
Giving the breakdown of revenue among the three tiers of government, the Federal Government received N151.8 billion, representing 52.68 per cent; states, N76.9 billion, representing 26.72 per cent.
She states that the local governments, received N59.3 billion, amounting to 20.60 per cent of the amount distributed. And that N29 billion, representing 13 per cent derivation revenue, was shared among the oil producing states.
On VAT, according to her the N56.8 billion gross revenue collected for the month showed a decrease of N18.3billion from what was collected in the preceding month. And N225 billion was generated as mineral revenue in May, as against the N180.4 billion generated in the preceding month, which shows an increase of N44.6 billion.
According to her the non-mineral revenue for May was N98.3 billion, which when compared to the N101.5 billion generated in April, showed a decrease of N2.6 billion.