FG, States, LGs share N473.8bn for October

Abuja – The Minister of Finance, Kemi Adeosun, on
Friday said N473.8 billion was shared among the
federal, states and local governments as revenue for
October 2015.
Adeosun announced this when she addressed
newsmen on the outcome of the Federation
Accounts Allocation Committee (FAAC) meeting in
Abuja.
She said the shared amount comprised the month’s
gross statutory revenue of N400.3 billion.
“Also, there is the exchange gain of N6.9 billion
which is proposed for distribution.”
“Therefore, the total revenue distributable for
October, including VAT of N60.1 billion, is N473.8
billion”, she said.
Adeosun said N6.3 billion was refunded to the
federation by Nigerian National Petroleum
Corporation (NNPC), and was also proposed for
sharing.
The media recalls that N389.9 billion was shared to
the three tiers of government as revenue for the
preceding month. This shows an increase of N83.8
billion between the two months.
Giving the breakdown of revenue among the three
tiers of government, Adeosun said the Federal
Government received N191.9 billion, representing
52.68 per cent; states, N97.3 billion, representing
26.72 per cent.
The local governments, she said, received N75
billion, amounting to 20.60 per cent of the amount
distributed.
Adeosun announced that N24.1 billion representing
13 per cent derivation revenue was shared among
the oil producing states.
On VAT, she said N60.1 billion collected for the
month showed an increase of N3.7 billion from what
was collected in the preceding month.
She said that the country generated N187.2 billion as
mineral revenue and N213 billion as non-mineral
revenue.
She noted that this showed a decrease of N25.8
billion and increase of N104.2 billion from what the
country generated as mineral and non-mineral
revenues in the preceding month.
She puts the balance in the Excess Crude Account as
at Friday, at 2.25billion dollars, which showed that
nothing had been removed or added to it since July.
She expressed satisfaction with the leap in non-
mineral revenue for the month, which she attributed
to sound financial policies.
Adeosun decried the low revenue generation for the
month, saying:
“Intermittent shut down and shut-in of production
for repairs and maintenance at different terminals
during the month continued to impact crude oil and
gas revenues negatively.
“Also, there was revenue loss of 1.3 billion dollars as
a result of drop in average price of crude oil from
47.3 per barrel to 46.9 per barrel in Sept. 2015”, she
said.

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