The Federal Government, State Governments and Local Government Councils have shared a total of N418.452 billion as Federal Allocation for the month of May 2015.
A communique issued by the Federation Accounts Allocation Committee indicated that the Gross Revenue received for the month of May was N324.061 billion.
This amount, when compared with the N282.062 billion received in April, showed an increase of N41.999 billion.
According to the communiqué, delay in the issuance of third quarter 2015 Export Permit was said to have led to a drop of about 160,000 bopd in April, 2015.
The Communique also noted that frequent shut down and shut-in of trunks and pipelines at terminals continued to impact negatively on crude oil revenue.
However, an increase in the average price of crude oil from $56.04 million in March 2015 to $59.88 million in April brought about $19.70 million gain in revenue.
Non-oil revenues are expected to perform better in the later part of 2015 due to some mechanisms put in place by Federal Inland Revenue Service.
Non-mineral revenue was N101.592 billion in April and decreased to N98.894 billion in May, accounting for a loss of N2.698 billion.
The shared amount comprised the Month’s Statutory revenue of N324.061 billion and N6.330 billion was again refunded to the Federal Government by the Nigerian National Petroleum Corporation.
There was also exchange gain of N31.240 billion, which was proposed for distribution.
The total revenue distributable for the current month, including VAT, is N418.452 billion.
Consequently, from total distributable revenue for the current month, including VAT, of N418.452 billion, the Federal Government received N150.805 billion (52.68%); States received N76.998 billion (26.72%); Local Government Councils received N59.362 billion (20.60%); while the oil producing states received N29.071billion as 13 per cent derivation revenue.