Revenue Distribution Rises By N16.6 Billion In August
Minister of Finance, Kemi Adeosun, has said that a total of N510.2 billion was shared among the federal, states and local governments as revenue realised in August, representing a N16.6 billion increase from that of July which was a total of N493.6 billion.
She made the disclosure on Tuesday in Abuja, while addressing a news conference on the outcome of the Federation Account Allocation Committee, FAAC.
Adeosun said that N315 billion was generated as statutory distributable revenue during the month of August, which was N27.22 billion higher than the N287.8 billion received in the previous month.
She states further that “the sum of N6.3 billion was refunded to the Federation Account by Nigerian National Petroleum Corporation, NNPC.
“There is a proposed distribution of N35 billion Excess Petroleum Profit Tax.
“Also, there was the exchange gain of N84.2 billion proposed for distribution.’’
The minister noted that Value Added Tax for the month in review amounted to N75.9 billion as against N66.9 billion generated in July.
She added that mineral revenue in August totaled N158.7 billion, while that of July was N119.4 billion.
Non-mineral revenue, however, showed a decline from N168.4 billion in July to N156.3 billion in August.
The breakdown of revenue among the three tiers indicated that the Federal Government received 52.68 percent or N187.3 billion, while states got 26.72 percent or N95.0 billion.
Local governments received N73.2 billion or 20.60 per cent of the amount distributed.
N18.4 billion, representing 13 per cent derivation revenue, was shared among oil producing states.
Adeosun noted that crude oil export volume increased by 2.2 million barrels in May in spite of the brief Force Majeure declared at Qua Iboe and Bonny Terminals.
She pointed out that $109 million revenue increase was recorded in federation export sales due to an increase in the average price of crude oil from 42.2 dollars in April to 46.0 dollars per barrel in May.
The finance minister added that the balance of the excess crude account stood at $2.91 billion.