Buhari's Body Language : After Sharing N511 billion in July, FG, States, LGs Share N422.6bn As August Revenue

The Permanent Secretary, Ministry of Finance, Mrs Anastasia Nwaobia, has said that N422.6 billion was shared among the federal, states and local governments as revenue for August...Nwaobia announced this in Abuja, on Tuesday, when she addressed newsmen on the outcome of the Federation Accounts Allocation Committee (FAAC) meeting.

She said that the shared amount comprised the month's net statutory revenue of N369.1 billion.

"Also, there is the exchange gain of N4.9 billion which is proposed for distribution.

"Therefore, the total revenue distributable for the month of August, including Value Added Tax (VAT) of N62.1 billion, is N442.6 billion," she said.

Nwaobia said N6.3 billion was refunded to the federation by Nigerian National Petroleum Corporation (NNPC) and was also proposed for sharing.

Giving the breakdown of revenue among the three tiers of government, Nwaobia said the Federal Government received N168.6 billion, representing 52.68 per cent while states received N85.5 billion, representing 26.72 per cent.

According to her, the local governments received N65 billion, amounting to 20.60 per cent of the amount distributed.

Nwaobia announced that N27.8 billion representing 13 per cent derivation revenue was shared among the oil producing states.

On VAT, she said that the N62.1 billion collected for the month showed a decrease of N12.7 billion from what was collected in the preceding month.

She said that the country generated N215.9 billion as mineral revenue and N153.1 billion as non-mineral revenue.

She said this showed a decrease of N12.8 billion and N51.5 billion, respectively, from what the country generated as mineral and non-mineral revenues in the preceding month.

She put the current balance in the Excess Crude Account at $2.25 billion, which showed that noting had been removed or added to it since July.

Nwaobia lamented over the low revenue generation for the month, while explaining certain reasons for it.

"The Shut down and Shut-in of production for maintenance at different times and terminals during the month of July were the major issues that negatively impacted crude oil revenue.

"Also, there was revenue loss of $8.6 million as a result of drop in average price of crude oil from $61.2 per barrel to $56.7 in July, 2015," she said.

In other matters, Nwaobia said that N12.5 billion was refunded to the Federal Inland Revenue Service because they were over-deducted.