The federal government, states and local governments yesterday shared a total of N522.05 billion as revenue from the federation account for the month of February 2015, even as gross revenue continued to decline.
The gross revenue of N401.46 billion was received for February, lower than the N416.09 billion received in January.
According to the minister, the decline in gross revenues was due to the persistent fall in crude oil prices.
Data from the office of the accountant general of the federation indicate that there was a loss of about $24.48 million due to further decline in oil price from $52.337 per barrel in December 2014 to $48.655 in January. Revenues from gas and non-oil sector also dropped during the month.
Yuguda said that the distributable statutory allocation for February was N401.46 billion, adding that the sum of N6.33 billion refunded by NNPC as well as N55.99 billion realised as foreign exchange gain were also shared.
Meanwhile, the federal government yesterday declared that it was not owing any state government any money due them from the federation account.
Chairman of the Federation Account Allocation Committee (FAAC), and minister of state for finance, Ambassador Bashir Yuguda, made this clarification when he briefed journalists after the meeting
“Federal government is not holding back any money belonging to the states, and that is a fact. We do our federation account meetings and there is a sharing formula both on mineral, non-mineral and VAT revenues, and it is distributed based on that. There is no other money hanging for the states that the federal government is holding,” he explained.
“In fact we even give them money when they are not expecting it. Like the N45 billion foreign exchange differential, we worked it out based on the figure that we received and it was sent to the states after our last meeting in February.”
Yuguda said that the federal government had prioritised the issue of salary payments and called on the state governments to do same.