Federal Account Allocation Committee declares N370.4b as January Revenue shared among FG, States and LG.

The Minister of Finance, Mrs Kemi Adeosun, on Tuesday in Abuja, said N370.4 billion was shared among the federal, states and local governments as revenue for January 2016.

She announced this while addressing newsmen on the outcome of the Federation Accounts Allocation Committee (FAAC) meeting.

She said that the shared amount comprised of the month’s statutory revenue of N290.9 billion.

The minister also there was an exchange gain of N3.4 billion which was proposed for distribution.

Adeosun said that the money shared included the N6.3 billion that was refunded to the federation account by the Nigerian National Petroleum Corporation (NNPC).

“Therefore, the total revenue distributable for the month of January, including VAT of N69.7 billion is N370.4 billion,” she said.

The News Agency of Nigeria (NAN) recalls that N387.8 billion was shared to the three tiers of government as revenue in

December 2015.

The January allocation shows a decrease of N17.4 billion.

Giving the breakdown of revenue among the three tiers of government, Adeosun said the Federal Government received N137.5 billion, representing 52.68 per cent, while states got N69.7 billion, representing 26.72 per cent.

The minister said the local governments received N53.7 billion, amounting to 20.60 per cent of the amount distributed.

She also said that N22.4 billion, representing 13 per cent derivation revenue was shared among oil producing states.

She added that the country generated N173.7 billion as mineral revenue and N117.3 billion as non-mineral revenue in January,

a decrease of N40.9 billion and an increase of N16.9 billion respectively from what the country generated in the preceding month.

The balance in the Excess Crude Account was 2.25 billion dollars, she noted.

Adeosun explained that acts of vandalism on oil pipelines, among other factors, had continued to negatively impact on oil revenue generation, saying “the shut-in and shut-down of production for repairs and maintenance continued during the period under review.

“However, there was a slight increase in production of crude in December 2015 but the resulting income was marginal due to a 10 per cent drop in crude oil prices.

“The drop in the average price of crude oil from 43.40 dollars in November to 39.04 in December 2015 resulted in a revenue loss of 22.55 million dollars.’