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Published On: Thu, May 24th, 2018

FAAC: FG, States, LGs share 701.022bn for Month of May

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By Etuka Sunday

Federal, States and Local Governments yesterday shared a total sum of N701. 022 as Federal Allocation for the Month of May, 2018.
The gross statutory revenue of N613. 057 billion received for the month was higher than the N480. 599billion received in the previous month by N132.458 billion.
Addressing newsmen shortly after the meeting, the Permanent Secretary, Ministry of Finance, Dr. Mahmud Isa Dutse said Excess Crude Oil Accountant stood at $1.911billion after N24.5billion was added by the Committee.
Dr. Dutse said, crude oil export sales volume increased by 64% when compared with the 7.72 million barrels from the previous month, resulting in increased revenue from Federation Crude Oil Exports Sales by $226.90million.
Also, the average crude oil price increased from $65.72 to $66.78 per barrel.
According to him, “the performance for the month in review would have been better but for few production shut-ins and shut-downs at various terminals for repairs of leaks and maintenance.
“There were significant increases in revenues from Companies Income Tax (CIT), Petroleum Profit Tax (PPT) and Oil Royalty. Import Duty and Value Added Tax (VAT) recorded marginal increases”.
He said, “the distributable Statutory Revenue for the month is N613.057billion. The total revenue distributable for the current month (including VAT) is N701. 022 billion.
“Also, an additional sum of N11.269 billion was received from Nigerian National Petroleum Corporation (NNPC) after April FAAC and it was distributed accordingly.

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