June 7, 2012

The Federation Account Allocation Committee (FAAC) has met and shared the sum of N563.089billion for the month of April .The meeting was chaired by the Hon. Minister of State for Finance, Dr. Yerima Lawn Ngama.

Using 52.68% as the formula, the Federal Government got N207.547billion, State Governments - 26.72% got N105.271billion while Local Governments - 20.60% got N81.159billion.

VAT distribution- the Federal Government got N8.594billion using 15%, State Governments 50% got N28.645billion while Local Governments using 35% got N20.052billion. The total Vat collected for the month of April is N 57.291billion.

The Gross Revenue of N626.178billion received for the month was lower than the N726.726.726billion received in the previous month by N100.594billion. This was due to a drop in Domestic Crude oil sales and was responsible for lower income during the period even though Crude oil Production and lifting improved in Bonga and QUA Iboe Terminals.

The distributable Statutory Revenue for the month is N=441.167billon which shows a decrease of N=56.564billon or 11.36% when compared to that of March, 2012. Also distributable is the N7.617billon refunded by NNPC. The total revenue distributable for the month including VAT is N563.089billon and this shows a decrease of N50.608billon or 8.25% compared to the amount distributed in March, 2012. In addition, the sum of N21.465billon is proposed as augmentation as a result of the shortfall in Distributable Revenue. The sum of N35.549billon is also proposed for distribution under SURE Programme. There was no exchange gain in the month because the prevailing exchange rate of N154.70 per USD was lower than the N155 per USD Budget for the Year 2012

The meeting was attended by the Accountant Generals and Commissioners of Finance from the 36 states and FCT.

Source: Federal Ministry of Finance