Amid growing concerns in many quarters on the country’s continuous dwindling revenue, there seems to be light at the end of the tunnel as Nigeria recorded marginal gains for the month of May.
The Federation Account Allocation Committee, FAAC, yesterday rose from its monthly meeting and declared that the country generated net revenue of N409.354 billion for the month of May.
Subsequently, the amount was shared among the federal, states and local governments.
The amount in the Excess Crude Account, ECA now stands at $2.078billion.
The distributable income of N409.354billion for the month of May is higher than the N388.339billion recorded in April.
Permanent Secretary, Federal Ministry of Finance, Mrs. Anastasia Daniel Nwobia, who presided over the FAAC meeting, attributed the increase in revenue for the month of May to the Exchange Gain of N31.240billion recorded for the month.
She told reporters after the FAAC meeting that the delay in holding the meeting earlier than yesterday was because many states in the country had not formed their cabinets and the Committee had to request for representatives from the States.
Also, she added that the exit of the Accountant-General of the Federation created a vacuum which the FAAC had to write to the appropriate quarters to get clearance for who should stand-in.
She equally attributed the delay in holding the FAAC meeting as scheduled to the non-appointment of ministers at the federal level.
Further analysis of revenue generated for the month under review showed that NNPC refunded N6.330 billion to the FGN and net sum of N54.548billion was generated through VAT, while the net Statutory Allocation stands at N317.236billion.
On the contentious Price Water House Coopers Forensic Audit which recommended that the NNPC refund $1.48 billion to the federal government, Mrs. Nwobia said it is still being expected as the money has not yet been refunded.