he Federation Accounts Allocation Committee on Thursday said the country recorded a N30.20bn drop in gross revenue from N614.35bn recorded in March to N584.15bn in April.
The Accountant General of the Federation, Mr. Jonah Otunla disclosed this while addressing journalists shortly after this Month’s FAAC meeting in Abuja.
He attributed the decline in revenue to production shut-in at Qua Iboe and Yoho Terminals as well as shutdown of Forcados and Bonny terminals.
He also explained that repair works on Brass terminal which was due to oil theft and pipeline leaks was also a major reason for the drop in gross revenue.
Inspite of the revenue drop, Otunla, however, added that the sum of N634.72bn was allocated to the three tiers of government for the month of April.
The April allocation according to him was N6.65bn lower than the N641.38bn distributed in the previous month of March.
He said, “The distributable statutory revenue for the month is N533.746bn, which is less than the N534.907bn that was shared for the month of March.
“In addition, the sum of N35.55bn is proposed for distribution under the Subsidy Reinvestment and Empowerment Programme.
“So, the total revenue distributable for the current month, including Value Added Tax of N65.425bn is N634.72bn.”
A breakdown of the distribution showed that the Federal Government received N249.06bn representing 52.68 per cent; states, N126.327bn, representing 26.72 per cent, while local governments received N97.39bn, amounting to 20.6 per cent.
The Accountant General of the Federation, Mr. Jonah Otunla disclosed this while addressing journalists shortly after this Month’s FAAC meeting in Abuja.
He attributed the decline in revenue to production shut-in at Qua Iboe and Yoho Terminals as well as shutdown of Forcados and Bonny terminals.
He also explained that repair works on Brass terminal which was due to oil theft and pipeline leaks was also a major reason for the drop in gross revenue.
Inspite of the revenue drop, Otunla, however, added that the sum of N634.72bn was allocated to the three tiers of government for the month of April.
The April allocation according to him was N6.65bn lower than the N641.38bn distributed in the previous month of March.
He said, “The distributable statutory revenue for the month is N533.746bn, which is less than the N534.907bn that was shared for the month of March.
“In addition, the sum of N35.55bn is proposed for distribution under the Subsidy Reinvestment and Empowerment Programme.
“So, the total revenue distributable for the current month, including Value Added Tax of N65.425bn is N634.72bn.”
A breakdown of the distribution showed that the Federal Government received N249.06bn representing 52.68 per cent; states, N126.327bn, representing 26.72 per cent, while local governments received N97.39bn, amounting to 20.6 per cent.
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