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Home Economy FAAC Disburses N386bn to FG, States, LGCs in November 2016
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FAAC Disburses N386bn to FG, States, LGCs in November 2016

By
Kenechukwu Offie
-
December 15, 2016
PRNigeria logo fearured image

AGF Ahmed Idris
AGF Ahmed Idris

A total sum of N386.879billion has been disbursed as Federal Allocation for the month of November 2016 for the Federal Government, State Governments and Local Government Councils of the Federation.

The Figure was released after the monthly meeting of the Federation Account Allocation Committee (FAAC) in Abuja today

According to the figures released by Office of the Accountant General of the Federation, the gross statutory revenue of N240.120 billion received for the month was higher than the N238.716 billion received in the previous month by N1.404 billion. Crude Oil export volume decreased further by 0.34 million barrels while the average price of Crude Oil increased, from $46.54 to $47.08 per barrel during the period under review.

Federation export sales revenue declined by about $14.74 million.

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A brief Force Majeure was declared at Bonny Terminal while the Force Majeure at Forcados, Qua Iboe and Brass Terminals were in place.
Federation revenue was low as a result of Shut-in and Shut-down of Pipelines for repairs and maintenance due to leakages and sabotage, however, Companies Income Tax (CIT) and Value Added Tax (VAT) recorded marginal increases.

The distributable Statutory Revenue for the month is N 206.448 billion. The sum of N 6.330 billion was refunded by NNPC to FGN.
There is a proposed distribution of N 66.000 billion from the Excess PPT Account. Also, exchange gain of N 38.852 billion is proposed for distribution.

The total revenue distributable for the current month (including VAT) is N 386.879 billion.

Consequently, from Statutory revenue, Federal Government received N97.897 billion (52.68%); States received N49.655billion (26.72%); Local Government Councils received N38.282 billion (20.60%); while the Oil Producing States received N13.613 billion as 13% derivation revenue.

Kenechukwu Offie (Mrs)
Director Information, OAGF
December, 15th 2016

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Nigeria Customs Aligns with Finance Ministry over 4% FOB Policy ReviewEngr. Kawu: A Heroic Homecoming for a Man of the People By Adegboyega AjadiMilitary Kill Over 30 Terrorists in Borno, AdamawaTroops Eliminate Terrorists, Recover Weapons in TarabaTroops Neutralize Two Notorious Bandits in Katsina ForestTroops Neutralise Five Terrorists in Borno, Taraba OperationsFinally, DSS Files Charge Against Sowore, Twitter, and Facebook over Anti-Tinubu PostFederal Govt Moves to Fill 5 Permanent Secretary PositionsGombe Tech Training: Pantami’s Call for a Paradigm Shift By Muhd El-Bonga IbraheemTroops Eliminate 2 ISWAP Senior Commanders, Other Terrorists in BornoDangote Refinery Deploys 4,000 CNG Trucks, Promises 24,000 Jobs as Fuel Queues EndPower Outage: Police Broker Peace Between AKTH, DisCos in KanoIGP Appoints SP Adebisi as Lagos Police PROBauchi Forum Condemns ATBU's Plan to Close FacultiesCourt Rejects Nnamdi Kanu’s Request for Transfer to National Hospital
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