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Published On: Mon, Dec 18th, 2017

FAAC: FG, States, LGs share N609.958bn for November allocation

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By Etuka Sunday

Federal, States and Local Governments at the weekend shared a total of N609.958 billion as allocation for the month of November 2017.
Federation Account Allocation Committee (FAAC) meeting held in Abuja disclosed an increased revenue accrual to the federal government.
It said, the gross statutory revenue of N549.532 billion received for the month was higher than the N443.045 billion received in the previous month by N106.487 billion.
Accountant General of the Federation Ahmed Idris who presided over the meeting, in absence of the Chairman of FAAC and minister of Finance, Mrs Kemi Adeosun, said that there was a decrease in revenue from Eport sales of $69.49 million due to decrease in crude oil production by 1.75 million barrels.
Giving the breakdown of the distributed revenue to the three tiers of government in line with the constitutional sharing formula, the Federal Government got N248.227 billion, representing 52.68 percent.
The state government received N125.904 billion representing 26.72 percent while the Local Government Councils received N97.067 representing its 20.60 percent.
From the Value Added Tax, the Federal Government received its 15 percent VAT N11.581 billion bringing the total revenue received in the current month to N259.808 billion VAT inclusive.
While the state and local government councils got N38.605 billion representing 50 percent VAT and N27.023 billion representing 35 percent VAT bringing their total amount received for the month to N164.509 billion and N124.09 billion respectively.
The Federal Inland Revenue Service (FIRS) received N5.243 billion being four percent cost of collection of the N133.083 billion revenue generated for the month.
While the Nigeria Customs Service received N4.226 billion representing its seven percent cost of collection of N60.379 billion and the Department of Petroleum Resources (DPR) got N3.651 billion representing its four percent cost of collection of the N91.287 billion revenue generated for the month.
Meanwhile, the oil producing state received a total of N43.215 billion being its 13 percent derivation of mineral revenue.
He however said that the average price of crude oil increased from $48.66 to $52.07 per barrel.
Some of the issues that impacted negatively on crude oil production were attributed to maintenance, sabotage and a brief Force Majeure declared at Bonny Terminal, Idris said.
The Accountant General added that there were remarkable increases in revenues from Petroleum Profit Tax (PPT), Import Duty, Companies Income Tax (CIT), Royalty and Value Added Tax (VAT).
The distributable revenue for the month is N549.532 billion bringing the total revenue distributed for the current month including VAT to N609.958 billion.
He said that the balance of the Excess Crude Account as at December 15, 2017 stood at $2.3175 billion while the Excess Petroleum Profit Tax stood at $133 million.

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