Reports from Daily Times online indicates that The Federation Account Allocation Committee (FAAC) has shared to Nigeria FG, States and local government the sum of N511.799 billion to the three tiers of government for the month of July, 2015.
Giving a breakdown of amount shared, the Permanent Secretary who is also the Chairperson of the FAAC, Mrs. Anastasia Nwokobia, revealed that the gross revenue of N433.584 billion was received for the month of July was lower than the N485.952 billion received in the previous month of June 2015 by 52.368 billion.
Mrs. Nwokobia said that shutdown and shut-in of production for maintenance and the emergency repairs as well as declaration of Force Majure by Shell Petroleum Development Company (SPDC) were the major issues that negatively impacted crude oil revenue.
According to her, the Federal Government got N202.111 billion representing 52.68% of the total amount shared while state governments got N102.513 billion which is 26.72 % of the total revenue distributed.
The local government Councils got N79.033 billion which also represented 20.60 % of the total revenue shared for the month of July.
She noted that there was also revenue loss of $22.53 million as a result of drop in average price of crude oil from $65.76bpd in May to $61.27 in June, 2015.
The Permanent Secretary 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 exchange gain of N6.409 billion which was proposed for distribution. She therefore, put the total revenue distributable for the current month to N511.799 billion.
According to FAAC, the gross revenue available from the Value Added Tax (VAT) was N74.945 billion as against N64.992 billion distributed in the preceeding month resulting in an increase of N9.953 billion.
The sum of N28.209 billion 13 % derivation mineral revenue of oil and gas was given to the oil producing states.
Giving a further breakdown of the revenue distribution for the current month, the sum of 6.421 was given to the Federal Inland Revenue Service (FIRS) as 4% cost of revenue collection, while the Nigerian Customs Service got N3.199 billion representing 7% cost of the revenue collected for the month.
Similarly, the Department for Petroleum Resources (DPR) got N2.389 billion which also represent 4% of its revenue collection for July, 2013.
The Committee also disclosed that the Nigerian Customs Service refunded the sum of N.240 billion to the federal government.
Mrs Nwokobia attributed the delay in holding FAAC meetings by second week of every month to challenges of revenue inflow which has also delay the payment salaries to civil servants and pleaded for their understanding.
On the level of compliance to the Single Treasury Account (TSA), by Ministries, Departments and Agencies (MDAs), the Accountant General of the Federation Mr Ahmed Idris said that no MDAs is exempted from remitting revenue to the TSA.
Mr Idris described the TSA as a government’s policy that does not exempt any agency of government saying that it will enable government to have an overview of its budget and expenditure ahead of time.