The total monthly payout by the Federation Account Allocation Committee (FAAC) to the three tiers of government amounted to N701bn (US$2.29bn) in May (from April revenues). This was an increase of N63bn from the previous month. A rise in the average crude price from US$65.7/b in March to US$66.8/b, the official commentary noted, helped to boost oil export proceeds in the federation account by US$228m. This was the largest payout since June 2015, when the distribution of N924bn was boosted by a dividend of N359bn from Nigeria LNG.
The gross statutory allocation consisted of N412bn and N201bn for mineral and non-mineral revenue respectively, compared with N361bn and N120bn the previous month. The distribution also included N83bn from VAT receipts.
The rise in non-mineral receipts is particularly welcome as one of several clues to the health of the non-oil economy, which, we saw from the national accounts for Q1 2018, grew by just 0.8% y/y.
The figure for the previous month has been adjusted by N11bn to reflect an additional payment by the NNPC.
The commentary noted a marginal rise in the balance in the excess crude account from US$1.8bn to US$1.9bn.
We have taken the latest payout details from local media reports. The data for earlier months in the chart are drawn from the NBS.
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