The revenue accruing to the federal, states and local governments for sharing in the month of May, saw an increase by N23.628 bn.
The amount shared among the three tiers of government on Wednesday was N305.128bn as against the N281.500bn shared in April.
Minister of Finance, Kemi Adeosun, who addressed journalists at the end of the Federation Account Allocation Committee (FAAC) meeting yesterday in Abuja, also said the gross statutory revenue of N234.466bn received for the month was higher than the N213.817bn received in the previous month by N23.649bn.
Mrs. Adeosun, however, noted that crude oil production and export dropped by 2.3 million barrels in February as a result of the force majeure declared at Forcados terminal, shut-in and shut-down of pipelines at other terminals for repairs and maintenance.
“As a result, federation export revenue declined by $57.88m even though the average price of crude oil increased from $29.02 in January, 2016 to $32.26”, she said.
The minister further said the companies’ income tax (CIT) recorded a marginal increase even as the time for companies to file their returns was yet to fall due.
There was however, a decrease by N.143billion in the gross revenue accruable from the Value Added Tax (VAT) which was N65.11billion for the month of May as against N65.259bn distributed in the preceding month.
“The distributable statutory revenue for the month is N2.546bn. The sum of N6.330bn was refunded by NNPC to FGN. Also, there is exchange gain of N2.546bn which is proposed for distribution. The total revenue distributable for the month of May, 2016 in, causing VAT is N305.128 billion”, she said.
Also, N16.738bn was shared among the oil producing states in May, Adeosun added.