FEDERAL ALLOCATION SHARED FOR JULY 2015

The Federal government, states and Local government have shared N511.8bn as July 2015 revenue The Federation Account Allocation Committee (FAAC), yesterday, distributed the sum of N511.799 billion to the three tiers of government for the month of July 2015. Giving a breakdown of the amount shared, the permanent secretary, who is also the chairperson of the FAAC, Mrs Anastasia Nwoabia, revealed that the gross revenue of N433.584 billion which was received for the month of July was lower than the N485.952 billion received in the previous month of June 2015 by N52.368 billion. Nwoabia said that shut-down and shut-in of production for maintenance and emergency repairs as well as the declaration of a force majeure by Shell Petroleum Development Company (SPDC) were the major issues that negatively impacted the crude oil revenue. According to her, the federal government got N202.111 billion, representing 52.68 per cent of the total amount shared while state governments got N102.513 billion which is 26.72 per cent of the total revenue distributed. The local government councils got N79.033 billion which also represented 20.60 per cent of the total revenue shared for the month of July. She noted that there was also a revenue loss of $22.53 million as a result of the drop in average price of crude oil from $65.76 barrels per day (bpd) in May to $61.27 in June, 2015. Nwaobia stated that the distributable statutory revenue for the month is N433.584 billion, adding that the sum of N6.330 billion was refunded by the Nigerian national Petroleum Corporation (NNPC) to the federal government. She said that the present amount of money in the Excess Crude Account (ECA) is $2.257 billion. Also, there was an exchange gain of N6.409 billion which was proposed for distribution. She, therefore, put the total revenue distributable for the current month at N511.799 billion.