A spokesperson from the Accountant General of the Federation announced today that the Nigerian federal, State, and local governments would collectively share N281.5b, which was allocated to them from oil revenues collected by the federal government in the month of April 2016.
The spokesperson, Kene Offie, said the funds would be divided as follows: federal government 52.68 percent, States 26.72 percent, and local governments 20.6 percent. The remaining 13 percent derivation of the revenue would be allocated to oil producing States.
In his statement, Mr. Offie explained that oil production increased slightly between December 2015 and January 2016, but there was a revenue loss of $45.9 million due to the drop in crude oil prices.
He added that the distributable statutory revenue for April 2016 was initially N213.8b. This figure increased when the Nigerian National Petroleum Industry (NNPC) refunded N6.33b to the federal government. The federal government also received N2.4b in exchange gains. Along with the value-added tax (VAT), these payments brought the total figure to N281.5b.