FG, States, LGs Share N388.339 Billion For April 2015 Federation Allocation

Federal, States and Local Government Councils have shared a total of N388.339 billion as , 2015.

A communiqué issued by the (FAAC) indicated that the Gross Revenue received for April, 2015 was N282.062 billion.

This amount when compared to the N315.044 billion received in March, 2015 showed a decline of N32.982 billion.

Frequent shut down and shut – in of trunks and pipe lines at Terminals has continued to impact negatively on crude oil revenue.

However, an increase in the average price of crude oil from $55.34m in February, 2015 to $56.03, in March brought about a $21.67m gain in revenue.

performed better in April than in March, 2015.

was N86.462 billion in March and increased to N101.592 billion in April accounting for a gain of N15.130 billion.

The shared amount comprised the month’s statutory revenue of N282.062 billion and N6.330 billion refunded to the FGN by ().

There is also exchange gain of N24.786 billion which is proposed for distribution. The total revenue distributable for the current month (including VAT) is N388.338 billion.

The distributable Statutory Revenue for April was N282.062 billion, while the Gross Revenue available from the Value Added Tax (VAT) was N75.160 billion.

The total revenue distributable for the current month (VAT inclusive) is N357.222 billion.

From this amount, the Federal Government received N132.118 billion (52.68%) then the Government received N 67.012 billion (26.72%).

The Local Government Councils got N51.663billion (20.60%), while the oil producing states received N 23.109 billion as 13% derivation revenue.

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