Imported User:
The Federal, states and local governments shared N563.08 billion from the Federation Account in April, the Minister of State for Finance, Dr Yerima Ngama, said in Abuja on Friday.
Ngama told newsmen after the monthly Federation Account Allocation Committee (FAAC) meeting that the figure was N50.60 billion lower than the amount shared in March.
He said the country received N626. 17 billion in April, compared with N726.72 billion in the previous month, representing a decrease of N100. 5 billion.
He added that as a result of the shortfall in distributable revenue N21.46 billion was proposed as augmentation.
According to him, the country made transfers of N180. 63 billion to the excess crude account in April, compared with N173. 92 billion in March.
He said that N460. 75 billion was distributed to all tiers of government this month from the mineral and non-mineral resources.
Ngama said a breakdown of the figures shows that the Federal Government got N216.43 billion, State Governments N109. 77 billion and Local Governments N84. 63 billion.
He gave the amount shared to the oil producing states as a result of 13 per cent derivation as N49.90 billion.
On distribution of revenue from Value Added Tax (VAT), Ngama said the total revenue for the month of April was N59. 6 billion compared with N62 billion in the previous month.
A total of N9. 6 billion was distributed to the Federal Government from VAT; State Governments received N32. 1 billion while Local Governments got N22.4 billion.
The total revenue shared by the three tiers of government for the month of April also included refunds by the NNPC and savings from partial subsidy removal.
He gave the figures distributed from the NNPC as N7. 6 billion, while N35. 5 billion came from the Subsidy Re-investment and Empowerment Programme (SURE-P).
``This month we have actually disaggregated what we have been given to the State Governments and the Federal Government.
``In the past three months of the year, we have been lumping together both the statutory allocation and the SURE-P distributed as a result of the partial de-regulation.
``But because of demand, we have now disaggregated, so a total of N35. 54 billion is what has been saved for the month of April.’’
On the distribution of SURE-P, the minister said the Federal Government received N15 billion and the FCT got N309 million.
Still on the SURE-P, the minister said a total of N12. 8 billion was shared among the 36 states to the normal revenue sharing formula, while local governments received N6.3billion.
In a statement by the Accountant-General of the Federation, Mr Jonah Otunla, explained that the decline in domestic crude oil sales was responsible for lower income during the period.
The statement, however, noted that oil production and lifting improved in Bonga and Qua Iboe Terminals, after recent problems on operational issues and safety challenges.
According to the statement, no revenue was shared from exchange gain because the prevailing exchange rate of N154.70 per USD was lower than the N155 per USD budgeted for the year 2012.
