Reports have it that the Federal government and other tiers of government on Wednesday, 26 August, shared the sum of N511. 799 billion for the month of July, 2015.
The gross revenue of N433.584 billion was received for the month under review, which was lower than the N485.952 received in the previous month by N52.368 billion.
According to Vanguard, the permanent secretary in the ministry of Finance, Mrs Anastasia Nwaobia, at the Federation Account Allocation Committee (FAAC) meeting held on Wednesday night, said the shut down and shut-in of production for maintenance and emergency repairs as well as declaration of Force Majeure by Shell Petroleum Development Company (SPDC) were the major issues that negatively impacted crude oil revenue in view.
Mrs Nwaobia also disclosed that there was revenue loss of $22.53 million as the average price of crude oil dropped from $65.76 in May to $61.27 in June, 2015.
Further analysis also showed that N433.584 billion was received from statutory allocation, N74.945 billion came from Value Added Tax (VAT) while an exchange gain of N6.409 billion was also distributed.
The Nigerian National Petroleum Corporation (NNPC) also refunded the sum of N6.330 billion to the federal government.
In all, the Federal government received N202.111 billion from statutory allocation, which represents 52.68 percent, while states and local governments received N102.513 billion and N79.033 billion respectively, representing 26.72 per cent and 20.60 per cent.
The Federal Government also received N10.792 billion from VAT, the states and local governments got N35.974 billion and N25.181 respectively.
Oil producing states also got an increase sharing N25.181 billion as the 13 percent derivation against 21.837 billion shared in the previous month.
The Permanent Secretary, also informed newsmen that the Single Treasury Account (STA) policy introduced by the Federal Government will help to check leakages in government revenue.
‘‘The Single Treasury Account policy is going to ensure that all revenue go into single account.
With all revenue going into a single account, Federal Government will have an over view of available monies in its account and plan expenditure. The leakages where people use monies in their various accounts will no longer be there and will enhance proper management of government resources,’’ she said.
With all revenue going into a single account, Federal Government will have an over view of available monies in its account and plan expenditure. The leakages where people use monies in their various accounts will no longer be there and will enhance proper management of government resources,’’ she said.
She also disclosed that the excess crude account, ECA stood at $2.257 billion as at yesterday.
She explained that the delay in paying workers salaries is due to the challenges the country is currently facing.
‘‘Salaries used to come early when we were not having revenue challenges, now we are having revenue challenges, salaries can’t be paid early as it used to be. We need enough time to prepare before salaries can be paid now we are having revenue challenges.
‘‘We are hoping that when revenue improves and we hold FAAC meetings at the second week of the month, salaries will be paid much earlier. We hope civil servants will understand,’’ Nwaobia said.
dismissing rumours of the exemption of some government agencies from the STA, the Accountant general of the federation, Amhed Idris said there was no exemption.
In a related development, some stakeholders in the banking and finance sector have expressed their fears over the enforcement of the STA. They opined that the single account which is supposed to unify and monitor incoming and outgoing government transactions for transparency and accountability, will deny the banks of over N60 billion funds belonging to Ministries, Departments and Agencies (MDAs) currently in the vaults of banks.
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