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Home Economy Federal Allocation: FG, States And Lgc’s Share N345.095 Billion (Vat Inclusive)...
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Federal Allocation: FG, States And Lgc’s Share N345.095 Billion (Vat Inclusive) For The Month Of February, 2016

By
K. N. Offie (mrs.)
-
March 23, 2016

coatThe Federal Government, State Governments and Local Government Councils have shared a total of N345.095 billion as Federal allocation for the month of February, 2016.

A communiqué issued by the Federation Accounts Allocation Committee (FAAC) and signed by the Accountant General of the Federation Ahmed Idris indicated that the Gross Revenue of N270.499 billion received for the month of February is lower than the =N=290.961 billion received the previous month by =N=20.462 billion.

The communique further indicated that Oil Production increased slightly between December, 2015 and January, 2016 despite explosions at Escravos Terminal, Force Majeure declared at Brass Terminal, Shut-in and Shut-down of pipelines at other Terminals for repairs and maintenance.

There was also revenue loss of $45.90million as a result of drop in average price of Crude Oil from $39.04 in December, 2015 to $29.02 in January, 2016. Also, a substantial drop in income was recorded from Oil and Gas Royalty, Companies Income Tax and import Duty.

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Consequently, the distributable Statutory Revenue for the month is N=270.499billion. The sum of =N=6.330 billion was refunded by NNPC to FGN. There is exchange gain of =N=3.485 billion which was included in the amount for distribution. The value added tax VAT realized N64.781 billion was also included for distribution.

Based on the foregoing, the total revenue distributable for the current month inclusive of VAT is =N=345. 095 billion.

The details of the Statutory revenue distributed for the month of February is as follows: Federal Government received N127.200 billion (52.68%); States received N64. 518 billion (26.72%); Local Government Councils received N49.740 billion (20.60%); while the Oil Producing States received N22.780 billion as 13% derivation revenue.

Furthermore, for the month of February, 2016, the gross revenue available from the Value Added Tax (VAT) was =N=64.781 billion as against =N=69.719 billion distributed in the preceding month, resulting in a decrease of =N=4.938 billion.

The breakdown of the Value Added Tax (VAT) distribution for the month is as follows: Federal Government received N9.329 billion (15%); States secured N31.095 billion (50%) while the Local Government Councils got N21.767 billion (35%).

K. N OFFIE( Mrs)

DD PRESS, OAGF

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Police Nab Suspects Over Killing of Chinese National, Arrest 2 Others in PlateauBREAKING: Nigeria Bids Farewell as Former President Muhammadu Buhari Laid to Rest in DauraLagos Police Arrest Suspected Armed Robber, Recover AK-49 RifleBeyond the Public Gaze: Gen Irabor's Intimate Farewell to BuhariKogi Confirms Arrest of Kidnappers’ InformantsTinubu Receives Buhari’s Remains in Katsina Ahead of Burial in DauraAtiku, Osinbajo, Amaechi, Pantami, Others Storm Katsina for Buhari’s Final RitesJUST IN: VP Shettima Arrives Katsina With Late Ex-President Buhari’s BodyNigeria Engages US, UAE over New Visa Policies, Reaffirms Commitment to Diplomatic TiesFACT-CHECK: Was Sheikh Emami al-Hadi Arrested in Iran for Being a Mossad Spy?‎Saudi Arabia Mourns Buhari's Death, Condoles TinubuBuhari’s Patriotism Will Never Be Forgotten — Ministry of DefenceEnugu Police Raid Firearms Factory, Recover 10 GunsTroops Ambush Bandits, Eliminate 2, Recover Arms in PlateauTribute to the Late Former President Buhari, By Vice Admiral Awwal Z Gambo (Rtd) CFR
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