Revenue rises by N24bn as FG, states, LGs share N305bn in May

Finance Minister, Kemi Adeosun


Revenue accruing to the federal, states and local governments went up significantly in May 2016 by N23.628 bn.
Following this, the federal, states and local governments shared N305.128bn as against the N281.500bn shared in April.

Addressing journalists at the end of the Federation Account Allocation Committee (FAAC) meeting yesterday in Abuja, the Minister of Finance, Mrs. Kemi Adeosun, said the gross statutory revenue of N234.466bn received for the month was higher than the N213.817bn received in the previous month by N23.649bn.
According to her, crude oil production and export dropped by 2.3 million barrels in February due to the force majeure declared at Forcados terminal, shut-in and shut-down of pipelines at other terminals for repairs and maintenance.
“As a result, federation export revenue declined by $57.88m even though the average price of crude oil increased from $29.02 in January, 2016 to $32.26,” she said.
She said the companies’ income tax (CIT) recorded a marginal increase even as the time for companies to file their returns was yet to fall due.
The minister also said for the month of May, 2016, the gross revenue available from the value added tax (VAT) was N65.11bn as against N65.259bn distributed in the preceding month, resulting in a decrease of N0.143bn.
“The distributable statutory revenue for the month is N2.546bn. The sum of N6.330bn was refunded by NNPC to FGN. Also, there is exchange gain of N2.546bn which is proposed for distribution. The total revenue distributable for the month of May, 2016 in, causing VAT is N305.128 billion” she said. Also, N16.738bn was shared among the oil producing states in May.