Information released on the 31st of October shows that the Federal Government, State Governments and Local Government Councils have shared a total of N389,936 as Federal allocation for the month of September, 2015.
A communiqué released by the Federation Accounts Allocation Committee (FAAC) indicated that the Gross Revenue of N321.996 billion received for the month of September is lower by N47.144 when compared with the N369.140 billion received in the month of August 2015. The shortfall was attributed to revenue loss of $32.07m arising from drop in average price of Crude oil from $56.76 in July to $47.32 in the month of August 2015, as well as shut down and shut-in of production due to maintenance of terminals during the month.
The shared amount also include Value Added Tax of N54.143 billion which also was lower by N5.546 billion compared with the N59.689 billion shared the previous month; Exchange gain of N5.211 billion and N6.330 billion refunded to the Federal Government by Nigerian National Petroleum Corporation( NNPC).
Accordingly, details of the Statutory revenue distributed for the month of September is as follows: Federal Government received N151.343 billion (52.68%); States received N76.763 billion (26.72%); Local Government Councils received N59.181 billion (20.60%); while the Oil Producing States received N27.505 billion as 13% derivation revenue.
Furthermore, the breakdown of the Value Added Tax (VAT) distribution for the month include: N8.121 billion (15%); States N27.072 billion (50%) while the Local Government Councils got N18.950 billion (35%).
It was revealed that the balance in the Excess Crude Account (ECA) has remained the same as at last month with the sum of $2.52 Billion.
