FAAC: Monthly allocation to FG, States, LGA’s increase by N13b in January
The allocation to the three tiers of government witnessed a significant increase as the sum of N400 billion has been distributed as Federal allocation in the month of January 2017.
The N400 billion which was distributed on Friday depicted a N13.121 billion increase from the N386.879billion shared in December.
The Minister of Finance, Mrs Kemi Adeosun who Briefed newsmen at the end of the Federation Accounts Allocation Committee (FAAC)meeting, noted that the sum of N248.715 billion Gross statutory revenue received, is higher by N8.595 billion when compared with the N240.120 billion received in the month of December, 2016.
Adesoun stated that the shared amount comprised the Month’s Statutory distributable revenue of N224.883 billion, Value Added Tax of N79.273 billion, Exchange gain of N52. 842 billion and Excess PPT Account of N42.998 billion, as well as a N6.330 billion refund to the Federal Government by Nigerian National Petroleum Corporation (NNPC).
According to her; “From the Net Statutory revenue, Federal Government received N105.762 billion (52.68%); States received N53.644 billion (26.72%); Local Government Councils received N41.357 billion (20.60%); while the Oil Producing States received N15.504 billion as 13% derivation revenue.
“Furthermore, from the Revenue available from the Value Added Tax (VAT), Federal Government received N11.415 (15%); States received N38.051 billion (50%) while the Local Government Councils received N26.636 (35%)” she added.
The Minister further explained that there was a revenue decline of $65.40 million in Federation export sales due to a drop in the volume of Crude oil export of 1.390 million barrels while crude oil sales increased from $47.08 to $47.30 per barrel during the period under review.
She stressed that there was also a shut-in and shut-down of pipelines due to the activities of vandals as well as for maintenance due to leakages and sabotage which impacted negatively on production.
Adeosun added however that collection from Royalties increased significantly, and increases in Companies Income Tax (CIT) and Value Added Tax (VAT) were marginal.
