The Federation Accounts Allocation Committee (FAAC) on Wednesday disclosed the disbursement of N305.128 billion to the three tiers of governments.
While the Federal Government got N112.830 billion (52.68 per cent), the states received N57.229 billion (26.68 per cent) and local governments had N44.121 billion (20.60 per cent) for the month of May 2016.
The oil-producing states received N16.738 billion, representing 13 per cent mineral revenue derivation.
The Minister of Finance, Mrs. Kemi Adeosun who briefed journalists on the issue, announced the sum of $2.261 billion as the balance in the Excess Crude Account and an exchange gain of N2.546 billion. She said that the sum of N6.330 billion was refunded by the Nigerian National Petroleum Corporation (NNPC) to Federal Government.
The Director, Funds, in the Office of the Accountant General of the Federation, Mr. Salawu Zubiru, explained in a communiqué issued after the meeting that the gross statutory revenue of N237.466 billion received for the month was higher than the N213.817 billion received in the previous month by N23.649 billion.
He said crude production and export dropped by about 2.3 million barrels in February 2016 due to force majeure declared at Forcados Terminal, shut-in and shut-down of pipelines at other terminals for repairs and maintenance.
Zubiru said: “As a result, federation export revenue declined by $57.88 million even though the average price of crude oil increased from $29.02 in January to $32.26 in February 2016. Companies Income Tax (CIT) recorded a marginal increase even as the time for companies to file their returns is yet to fall due. The distributable statutory revenue for the month is N237.466 billion. The sum of N6.330 billion was refunded by NNPC to the Federal Government. Also, there is an exchange gain of N2.546 billion which is proposed for distribution. The total revenue distributable for the current month (including VAT) is N305.128 billion.”