The Federal, State, and Local Governments shared N369.88 billion as revenue that accrued into the Federation Account and proceeds from the Value Added Tax, VAT, in the month of November.
Minister of Finance, Kemi Adeosun disclosed this at the end of the Federation Accounts Allocation Committee, FAAC, meeting in Abuja blaming the fall in revenue on the continued falling of crude oil price at the international oil market.
According to her, the decline in allocation to reduction in revenue was caused by the shutdown and shut-in of production at various terminals during the period.
She said: “The gross statutory revenue of N297.45 billion received in the month was lower than the N400.3 billion received in the previous month by N102.86 billion.
“On-going maintenance and the shutdown and shut-in of production for repairs at different terminals during the month continued to impact crude oil and gas revenue negatively.”
She also added that there was an exchange gain of N4.9billion which is proposed for distribution, while the nine oil producing states received an extra N25.6 billion as 13 per cent derivation.
Adeosun giving the breakdown, said the Federal Government received N139.5 billion, representing 52.68 per cent; states, N70.7billion, representing 26.72 per cent.
She said that the local governments received N54.5billion, amounting to 20.60 per cent of the amount distributed.
The amount shared this month decreased by N83.9billion, when compared with the N473.8billion last month.
