By Emma Ujah

ABUJA – The three tiers of government yesterday shared a total of N455. 596 billion from proceeds of the Federation Account and the Value Added Tax earned in the month of April.  This would be used for May expenditure.

What was shared was about N32.088 billion less than the amount shared in the previous month which stood at N615.061 billion.  The short fall was attributed to the shut down of the Bonga oil terminal.

“The gross revenue of N582.973 billion received for the month is lower than the N615.061 billion from previous month by N32.088 billion and this was as a result of reduced crude oil production and lifting occasioned by the complete shutdown of Bonga terminal for maintenance work at Qua Iboe, Akpo and Amenam Terminals,” the Federation Accounts Allocation Committee, FAAC,  said in a communiqué at the end of its meeting.

With the shortfall of the distributable income, the committee decided to augment the month’s earning with N103 billion from the Excess Crude Account.

The breakdown of distribution showed that the Federal Government got N147.681 or 52.68 per cent; state governments went away with N74.906 billion or 26.72 per cent and local governments received N57.749 billion or 20.60 per cent of the funds shared.

The nine oil producing states received an additional N9.608 billion as 13 percent derivation from petroleum revenue.