The Permanent Secretary, Ministry of Finance, Mrs Anastasia Nwaobia, this week said that N409.3 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 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 amount shared for the month was N30.4 billion more than what was shared in the preceding month.
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)’’.