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Home Economy FAAC Shares N465bn to FG, States, LGS for January 2017
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FAAC Shares N465bn to FG, States, LGS for January 2017

By
Kenechukwu N. Offie
-
February 21, 2017
FAAC
AGF Ahmed Idris FAAC

AGF Ahmed Idris

At the meeting of the Federation Account Allocation Committee (FAAC) a total of N465.149 billion has been distributed for the month of January, 2017 between the Federal Government, State Governments and Local Government Councils.

The communiqué issued by the Technical sub -Committee FAAC at the end of the meeting indicated that the Gross statutory revenue received is N324.990 billion which is higher by N76.275 billion when compared with the N248.635 billion received in the month of December, 2016.

The shared amount comprised the Month’s Statutory distributable revenue of N282.406 billion, Value Added Tax of N73.522 billion, Exchange gain of N48.371 billion and Excess PPT Account of N60.850 billion.
There was also a N6.330 billion refund to the Federal Government by Nigerian National Petroleum Corporation (NNPC).

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Therefore, from the Net Statutory revenue, Federal Government received N133.192 billion (52.68%); States received N67.557 billion (26.72%); Local Government Councils received N52.083 billion (20.60%); while the Oil Producing States received N20.620 billion as 13% derivation revenue.

Furthermore, from the Revenue available from the Value Added Tax (VAT), Federal Government received N10.587 (15%); States received N35.291 billion (50%) while the Local Government Councils received N24.703 (35%).

The Communique further explained that there was a revenue increase of $74.91 million in Federation export sales due to a rise in the volume of Crude oil export by 1.490 million barrels and an increase in the average price of Crude Oil from $47.30 to $49.57 per barrel
during the period under review.

However, the Force Majeure declared at Forcados, Qua Iboe and Brass Terminals remained in place.

Federation revenues increased despite the Force Majeure and the
Shut-down of pipelines for repairs and maintenance due to leakages and sabotage.

PPT collection increased significantly while revenues from Companies Income Tax (CIT), Value Added Tax (VAT), Import Duty and Royalty decreased slightly.
Kenechukwu N.Offie (Mrs)
Director Information, OAGF
February 21, 2017

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Kenechukwu N. Offie
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Local Government Autonomy Not Negotiable — FG DeclaresNigeria’s Future Rests on Smart Defence Management — Badaru to Military LeadersCustoms Hands Over 99.2bn Worth of Illicit Pharmaceutical Products to NAFDACTroops Intercept 3 Gunrunners, Seize Weapons, Cash in KadunaTroops Bust IPOB/ESN Logistics Network, Arrest Informants in Southeast — DHQSoludo and Radda’s Candid Confessions on Homegrown Terror By Tahir AhmadRat Story Was a Smokescreen to Divert Attention from Buhari’s Health - Garba Shehu RevealsNigeria's Second Chance at a Global Cashless Future By Fatimah Yusuf UsmanAir Chief Rallies New Intelligence Officers for Proactive Security ResponseCustoms, NAFDAC Activate MoU to Fight Substandard Products By Abdullah MaiwadaNELFUND Resumes Monthly Upkeep Payments, Credits Over 3,600 StudentsNNPCL Must Account for ‘Unreconciled’ N210tr in Financial Statements - Senate InsistsPresidency Debunks Misleading Reports on VP Shettima’s Remarks at Book LaunchPolice Arrest, Repatriate Chinese Fugitive Wanted for Tax FraudMurder of Wedding Guests: Plateau Court Remands 20 Suspects
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