The Permanent Secretary , Ministry of Finance, Mrs
Anastasia Nwaobia, on Tuesday said that N 409. 3 billion
was shared among the Federal , States and Local
Governments, as revenue for May, 2015.
Nwaobia said this while addressing newsmen on the
outcome of the Federation Accounts Allocation Committee
( FAAC) meeting in Abuja.
She said 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 gain of N 31. 2 billion which is
proposed for distribution .
“ Therefore, the total revenue distributable for the month of
May, including VAT of N56. 8 billion , was N 409. 3 billion . ”
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, Nwaobia said the Federal Government
received N 151. 8 billion , representing 52. 68 per cent; states,
N76. 9 billion , representing 26. 72 per cent.
She said the local governments , received N59 . 3 billion ,
amounting to 20. 60 per cent of the amount distributed.
Nwaobia said N 29 billion , representing 13 per cent
derivation revenue, was shared among the oil producing
states.
On VAT, she said the N 56. 8 billion gross revenue collected
for the month showed a decrease of N18 . 3billion from what
was collected in the preceding month.
Nwaobia said N 225 billion was generated as mineral
revenue in May , as against the N 180. 4 billion generated in
the preceding month .
According to her , this shows an increase of N44. 6 billion .
She also said the non- mineral revenue for May was N98. 3
billion , which when compared to the N 101. 5 billion
generated in April, showed a decrease of N2 . 6 billion .
Nwaobia expressed displeasure on the low revenue
generation for the month.
“ Delays in issuance of third quarter 2015 Export permit lead
to a drop of about 160 , 000bopd in April 2015 .
“ Shutdown and shut -ins of trunks and pipelines at terminals
also continued to impact negatively on crude oil revenue.
“ However , an increase in the average price of crude oil
from 56 . 04 dollars in March to 59. 8 dollars in April brought
about 19 . 7 million dollars gain in revenue,” she said .
She further said : “ non -oil revenues are expected to perform
better in the later part of 2015 , due to some mechanisms
put in place by the Federal Inland Revenue Service ( FIRS )”.
On the Forensic Audit of NNPC , which was conducted
earlier by Price Water House Coopers , Nwaobia said the
corporation was yet to start paying back the 1. 48 billion
dollars it owed the Federation .
She said a committee was still sitting on the report .
Nwaobia apologised for the delay in conducting the monthly
FAAC meeting .
She attributed it to the fact that there was no Minister ,
adding that the Accountant-General of the Federation also
recently retired.
She , however , blamed the transition that went on in most
states as reason for the delay.
She also hinged part of the delay to lack of funds on the
part of the government.
NAN reports that most of the states were represented at
the meeting by their Permanent Secretaries and
Accountant- Generals.
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