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Home Economy FEDERAL ALLOCATION: F.G, States, L.G Share #299.747 Billion For The...
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FEDERAL ALLOCATION: F.G, States, L.G Share #299.747 Billion For The Month Of March, 2016

By
K.n. Offie
-
April 22, 2016

coatThe Federal Government, State  Governments and Local Government Councils have shared a total of #299.747 Billion as Federal Allocation for the month of March, 2016.

A Communique released by the Federation Accounts Allocation Committee (FAAC) indicated that the Gross Revenue of #232.619 billion received for the month was lower than the #270.499 billion received in the previous month by #37.880 billion.


Shut -in and Shut down of Production for repairs and maintenance continued during the period under review, however, there was a slight increase in production of Crude Oil in December, 2015 but the resulting income was marginal due to a 10% drop in Crude Oil prices. The drop in the average price of Crude Oil from$43.40 in November to $39.04 in December,2015 resulted in a revenue loss of $22.55 million. Also, there was significant decline in incomes from Petroleum Profit Tax and Companies Income Tax.

Read Also:

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  • NAHCON Boss Meets Katsina Governor, Pushes for Early 2026 Hajj Payments, Promises Easier Exercise


The distributable Statutory Revenue for the month is #232.619billion. The sum of #6.330 billion was refunded by the NNPC to FGN. Also, there is exchange gain of #2.894 billion which is proposed for distribution. The total revenue distributable for the current month (including VAT) is #299.747 billion.


The details of the Statutory Revenue distributable for the month of March, 2016 is as follow : Federal Government received #109.113billion (52.68%), States received #55.344billion ( 26.72%),  and the Local Government Councils received #42.668 billion (20.60%), while the Oil Producing States received #19.750 billion as (13% of Mineral Revenue – Oil & Gas).


Furthermore, for  the month of March, 2016, the gross revenue available for the Value Added Tax (VAT) was #64.234 billion as against #64.781billion distributed in the proceeding month, resulting in a decrease of #0.547 billion.


The breakdown of the Value Added Tax (VAT) distribution for the month is as follows : #64.234 billion out of which the Federal Government got #9.250 billion (15%), States got # 30.833 billion (50%) and the Local Government Councils received #21.583 billion (35%).

K.N. OFFIE
D.D (Press)

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FG, States, LGs Share N2.225trn Revenue for August – FAACICPC Secures Six-Year Jail Term for Sokoto River Basin DirectorNAHCON Boss Meets Katsina Governor, Pushes for Early 2026 Hajj Payments, Promises Easier ExerciseKaduna Police Arrest Two Suspects Over Illegal Possession of FirearmsTinubu Lifts State of Emergency in Rivers, Reinstates Fubara, LegislatorsBadaru Joins Global Leaders at Beijing Forum on Peace, SecuritySaudi Frees Nigerian Pilgrims Framed by Drug SyndicateTroops Ambush Bandits in Plateau, Neutralise One MURIC to Alaafin: No Law Grants You Power to Appoint Chief Imam of OyoRenewed Hope Agenda: Group Passes Vote Of Confidence On Tinubu’s Minister, Imaan Sulaiman-IbrahimNigeria Fights Back Against Banditry and Insecurity By Senator IroegbuNigeria Fights Back Against Banditry and InsecurityNavy Retrains Personnel on Weapon Handling to Boost Operational EfficiencyFirefighters Rescue Nine Victims from Burning 6-Storey Building in LagosPolice Arrest Seven over Death of IBB University Student, Nab Four Robbery Suspects in Suleja
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