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Home Economy FAAC Shares N420bn to Tiers of Government
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FAAC Shares N420bn to Tiers of Government

By
Kenechukwu N. Offie (mrs)
-
November 23, 2016
coatA total of N420billion has been shared as Federal Allocation for the month of October 2016 by  the  Federal Government, State governments and Local Government Councils after the monthly meeting of the Federation Account Allocation Committee (FAAC)
According to the figures released by Office of the Accountant General of the Federation, the gross statutory revenue of N238.716 billion received for the month was lower than the N279.746 billion received in the previous month by N 41.030 billion. Crude Oil export volume decreased while the average price of Crude Oil dropped, resulting in revenue loss of about $51million in Federation export Sales.
Force Majeure was declared at Qua Iboe Terminal and the NGL lifting programmes with the  Force Majeure at Forcados Terminal still in place.
Shut-in and Shut-down of Pipelines for repairs and maintenance due to attacks on delivery pipelines also contributed to the low revenue.
Also, there were decreases in volume of import duty and Companies Income Tax (CIT) while PPT and Oil Royalty recorded marginal increases.
The distributable Statutory Revenue for the month is N 203.952 billion. The sum of N 6.330 billion was refunded by NNPC to FGN.
There is a proposed distribution of N 109.108 billion from Excess PPT Account. Also, exchange gain of N 37.319 billion is proposed for distribution.
This brings the total revenue distributable for the current month (including VAT) to N 420.000 billion.
Consequently, from Statutory revenue, Federal Government received N96.674 billion (52.68%); States received N49.035 billion (26.72%); Local Government Councils received N37.804 billion (20.60%); while the Oil Producing States received N13.548 billion as 13% derivation revenue.
Kenechukwu N. Offie (Mrs)
Director Information, OAGF
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Kenechukwu N. Offie (mrs)
Kenechukwu N. Offie (mrs)
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Army Commander's Compassion Keeps 100 Students in School in ZamfaraSam Obi to Support 500 Students in Evergreen Initiative’s Project Tutored 2025 through SimplifiedIQ PartnershipNIPR Hails customs Boss' Tenure Extension as Evidence of Transformational LeadershipAkwa Ibom Boosts National Security with Land Donation for Nigerian Air Force BaseCustoms Unveils Renewable Energy Handbook, Strengthens EU-Germany-GIZ PartnershipUNIMAID Mass Comm becomes Faculty of Communication and Media StudiesTinubu’s Extension of Customs CG Bashir Adeniyi’s Tenure Draws Widespread Praise and ReactionsArmy Troops, DSS Nab Arms Trafficker in Taraba, Recover Ammunition, CashIG Reaffirms Commitment to Tackling Oil Theft, Upholding Human RightsNorthern Leaders Urge Action on Almajiri Crisis, Equitable Resources at Arewa Summit in KadunaArmy Denies Allegations of Misconduct in Imo CommunityTroops Repel Bandit Attacks in Katsina, Plateau, Recover Rustled Cattle, Sustain CasualtiesNavy Destroys 10 Illegal Refineries in Niger DeltaJUST IN: Tinubu Extends Tenure of Customs CG Bashir AdeniyiAI-generated disinformation looms ahead of Nigeria’s 2027 elections
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