The Federal Government, State Governments and Local Government Councils will share N207.878 billion as Federal allocation for the month of April, 2016 with the Federal Government taking 52.68%, states 26.72% while local governments take 20.60% while a statutory 13% goes to oil producing states as derivation.

The allocation was revealed in a communique released by the Federation Accounts Allocation Committee and signed by the Accountant-General of the Federation, Ahmed Idris.

The communique showed that the Gross Revenue of N213.817 billion received for April was N18.802billion lower than the N232.619billion received in the previous month of March.

Minister of Finance, Kemi Adeosun, speaking at the end of the federation accounts allocation committee meeting on yesterday in Abuja blamed the slump in allocation for April on the decline in gross statutory revenue especially from the proceeds during the period.

“Monies that have just been shared were sales undertaken when the oil price declined to as low as $28 per barrel before recovering to the present level. This is the lowest oil price in recent history,” the minister said.

Even though oil production increased slightly between December 2015 and January 2016, the actions of militants in the Niger Delta like the explosion of Escravos Terminal, the declaration of a Force majuere at Brass Terminal among others led to the shut down of pipelines at other terminals for repairs.

The Minister further revealed that $45.90 million was lost in revenue as a result of a drop in the average price of crude from $39.04 in Daecember 2015 to $29.02 in january 2016.

Also, a marginal drop in income was recorded from Oil and Gas Royalty and Import Duty.

The amount shared as Statutory Revenue for the month is N213.817 billion.

The sum of N6.330 billion was refunded by the Nigerian National Petroleum Corporation to the Federal Government.

Also, there is exchange gain of N2.424 billion, which was also proposed for distribution as the total revenue shared for the current month, including Value Added Tax, is N281.500 billion.

The Federal Government received N101.215 billion (52.68%), States received N51.338 billion (26.72%) and the Local Government Councils received N39.579 billion (20.60%), while the Oil Producing States received N15.745 billion as (13% of Mineral Revenue – Oil & Gas).

In April 2016, the gross revenue available for the Value Added Tax was N65.259 billion N1.025billion less than the N64.234 sharedin March.

Details of Value Added Tax distribution shows N65.259 billion out of which the Federal Government got N9.397 billion (15%), States got N31.325 billion (50%) and the Local Government Councils received N21.927 billion (35%).