FG ,STATES, LG SHARE N422.6 BILLION AS BALANCE OF EXCESS CRUDE ACCOUNT REMAINS $2.25 BILLION

 The three tiers of government shared N422.6 billion as revenue for the August 2015.The break down consist of  N369.1 billion net statutory revenue, exchange gain of N4.9 billion and VAT of N62.1 billion making the total distributable amount of N442.6 billion.The permanent secretary  of the Ministry of Finance, Anastasia Nwaobia confirmed these yesterday saying N6.3 billion was refunded by the Nigerian National Petroleum and was proposed for sharing.However compared to the preceding month when N511.7 billion was shared, there was a shortfall of N69.1 billion.The reasons for the variance was attributed to Shut down and Shut-in of production for maintenance at different times and terminals during the month of July which were the major issues that negatively impacted crude oil revenue.

“Also, there was revenue loss of $8.6 million as a result of drop in average price of crude oil from $61.2 per barrel to $56.7 in July, 2015.”
  Nwaobia  also said N12.5 billion was refunded to the Federal Inland Revenue Service because they were over deducted. The Federal Government received N168.6 billion representing 52.68 percent, while states received N85.5 billion representing 26.72 per cent and local governments N65 billion representing 20.6 percent of the amount distributed.The oil producing states shared N27.8 billion representing 13 percent derivation revenue.

On VAT, she said the N62.1 billion collected for the month showed a decrease of N12.7 billion from what was collected in the preceding month.
She said the country generated N215.9 billion as mineral revenue and N153.1 billion as non-mineral revenue and this showed a decrease of N12.8 billion and N51.5 billion respectively from what the country generated as mineral and non-mineral revenue in the preceding month.
She put the balance in the Excess Crude Account as at today at $2.25 billion.