FAAC: Fed Govt, states, councils share N617.566b

December FAACThe Federal, states and local government areas have shared N617.566 billion as Federal Allocation for the month of March this year.

A communiqué issued by the Technical sub -Committee of Federation Accounts Allocation Committee (FAAC) released at the end of its meeting in Abuja yesterday, showed that N446.647 billion was received as gross statutory revenue, which is lower than the N478.434 billion received in the previous month by N31.787 billion.

Also, the revenue generated from Value Added Tax (VAT) was N92.181billion which is a decrease from the N96.389 billion generated from previous month, with N4.208 billion. There was also N653 million from Exchange Gain, N13.085 billion from Forex Equalisation; N55.000 billion from Good & Valuable Consideration as well as N10 billion added by the Nigerian National Petroleum Corporation (NNPC).

These therefore, brought the total revenue distributable for the month to N617.566 billion.

From the Net Distributable Revenue for the month, the Federal Government got N257.758; states-N168.254 billion; local government councils-N126.575 billion, while the Oil Producing States received N49.823 billion representing 13 per cent derivation of mineral revenue.

The Cost of Collection, Transfer and Federal Inland Revenue Service (FIRS) refund moved up to N15.156 billion.

From VAT realised, Federal Government received N13.274 billion representing 15 per cent; states received N44.247 billion representing 50 per cent while the Local Government Councils received N30.973 billion also representing 35 per cent.

For statutory revenue generation shared, the Federal Government was N208.394 billion representing 52.68 per cent; state government-N105.700 billion, Local Government Council received N81.490 billion.

Crude oil export sales increased by about 49.18 per cent due to the increase in lifting volume, which resulted in increased Federation Revenue of about $240.23 million. Also, the average crude oil price increased from $63.62 to $79.06 per barrel.

However, lifting operations were adversely affected by production shut-in, and shut-down at various terminals due to technical issues, leaks and maintenance. There were also remarkable increase in revenues from oil royalty, import and excise duties increased, while Petroleum Profit Tax (PPT) decreased significantly.

The balance on Excess Crude Account is $183 million.

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