The 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.
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%).