FG, States, LGs Share N640bnas Oil Revenue Plummets in October

14 Nov 2012

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Minister of State for Finance, Alhaji Yerima Ngama

James Emejo

A total sum of N640.766 billion was Tuesday shared among the three tiers of government for the month of October.

However, gross revenue for the month stood at N640.766 billion, about N46.065 billion higher than the N594.701 billion generated in the previous month.
Addressing journalists last night after the monthly meeting of the Federation Accounts Allocation Committee (FAAC) in Abuja, Minister of State for Finance, Alhaji Yerima Ngama, attributed the increase to higher collections on Petroleum Profit and Company Income Taxes.

He said crude oil production and lifting had experienced several disruptions as a result of shut down, leakage and fire outbreaks at Trans-Niger Pipeline.
Other reasons given for the low oil revenue in the period under review include crude oil theft as well as maintenance work at Qua Iboe, Brass and Forcados terminals.

Distributable statutory revenue for the month stood at N467.007 billion.
The minister said no augmentation was required since revenue for the month exceeded the budget.

Ngama said of the net statutory allocation, the Federal Government got N218.652 billion while state governments received N110.903 billion.

The local governments shared N85.502 billion while N46.262 billion was shared by oil and gas producing regions under the derivation principle.
Meanwhile, the gross revenue from Value-Added-Tax reached N64.767 billion as against N56.342 billion recorded in the previous month.

In addition to the revenue shared, the minister said N7.617 billion which was refunded by the Nigerian National Petroleum Corporation (NNPC) out of its indebtedness to the Federation Account was distributed while N35.549 billion was proposed for distribution under the Subsidy Reinvestment Programme (SURE-P).
The Minister said the sum of N172.5 billion was transferred to the Excess Crude Account (ECA) for the month.

Tags: News, Nigeria, Featured, Oil Revenue

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