By Favour Nnabugwu

Abuja-The Federation Accounts Allocation Committee, FAAC, in Abuja, yesterday, shared N392.04 billion among the Federal, states and local governments for May.

The Permanent Secretary in the Ministry of Finance, Mr. Danladi Kifasi, told newsmen after the FAAC meeting that the money was shared from the N670.46 billion realised as revenue for the month.

He said: “The Federal Government got N184.583 billion while the states and local governments received N93.623 billion and N72.18 billion, respectively.

“The oil-producing states received additional N41.66 billion, representing 13 per cent of oil revenue normally paid as derivation fund.”

He said that N162.901 billion was proposed as augmentation as a result of the shortfall in distributable revenue based on the 2011 approved budget.

The Permanent Secretary said the federally-collected revenue rose from N582.973 billion in April to N670.464 billion in May, a difference of N87.491 billion.

Kifasi said the increase in revenue was as a result of improved production at Forcados, Bonny and Amenam terminals, while Bonga terminal operations were coming back on stream, and an increase in the average price of crude oil in the international market.

He added that crude oil production and lifting were slightly affected by repair works on Usari Idoho pipeline at Qua Iboe terminal.