• Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
    • Government
  • Security
  • Features
  • State
  • Event
    • PR Nigeria Award
  • E-Paper
Search
  • Home
  • About
  • Adverts
  • Contact
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
PRNIGERIA PRNigeria News
PRNIGERIA PRNIGERIA
  • Home
  • Anti-Corruption
    • Chinese nationals jailed in Lagos

      Court Jails Nine Chinese Nationals for Cybercrime in Lagos

      ASUU

      Tackle Corruption, Institutional Decay – ASUU Charges FG

      EFCC Arraigns Bauchi Accountant General Over N8bn Fraud as Court Sentences…

      PRNigeria logo fearured image

      EFCC Arraigns Ex-Convict, Other for Naira Abuse in Lagos

      EFCC Arrests 37 Suspected Internet Fraudsters in Ilorin

  • Fact-Check
  • Economy
    • Acting Controller General of Customs, Nigerian Customs Services, NSC, Ag. CG Bashir Adewale Adeniyi

      Customs Exposes Scam Over Form M Migration to B’Odogwu Platform

      CBN

      The Facts About Nigeria’s Debts Burden Under Tinubu’s Watch By Zekeri…

      Ibrahim Yahaya Dandakata of Arewa Economic Forum AEF

      AEF Slams CBN’s New BDC Policy, Cites Threat to Northern Economy…

      Google Search Tech Digest

      7 Smart Google Search Tips That Will Save You Hours By…

      U.S. VISA

      REVEALED: Why US Reduced Visa Validity for Nigerians to 3 Months…

  • National
    • BREAKING: Nigeria Bids Farewell as Former President Muhammadu Buhari Laid to…

      Gen Lucky Irabor and Muhammadu Buhari

      Beyond the Public Gaze: Gen Irabor’s Intimate Farewell to Buhari

      Tinubu Receives Buhari’s Remains in Katsina Ahead of Burial in Daura

      Late President Muhammadu Buhari

      Atiku, Osinbajo, Amaechi, Pantami, Others Storm Katsina for Buhari’s Final Rites

      JUST IN: VP Shettima Arrives Katsina With Late Ex-President Buhari’s Body

    • Government
      • Gen Lucky Irabor and Muhammadu Buhari

        Beyond the Public Gaze: Gen Irabor’s Intimate Farewell to Buhari

        Kogi Confirms Arrest of Kidnappers’ Informants

        Late President Muhammadu Buhari

        Atiku, Osinbajo, Amaechi, Pantami, Others Storm Katsina for Buhari’s Final Rites

        JUST IN: VP Shettima Arrives Katsina With Late Ex-President Buhari’s Body

        Nigeria Engages US, UAE over New Visa Policies, Reaffirms Commitment to…

  • Security
    • Nigerian Police Force

      Police Nab Suspects Over Killing of Chinese National, Arrest 2 Others…

      Nigerian Police Force

      Lagos Police Arrest Suspected Armed Robber, Recover AK-49 Rifle

      Kogi Confirms Arrest of Kidnappers’ Informants

      Badaru and Matawalle

      Buhari’s Patriotism Will Never Be Forgotten — Ministry of Defence

      Police Officer

      Enugu Police Raid Firearms Factory, Recover 10 Guns

  • Features
    • Gen Lucky Irabor and Muhammadu Buhari

      Beyond the Public Gaze: Gen Irabor’s Intimate Farewell to Buhari

      Tribute to the Late Former President Buhari, By Vice Admiral Awwal…

      Customs boss, CGC Bashir Adewale Adeniyi with NAFDAC DG Professor Moji Adeyeye

      Customs, NAFDAC and the Fight that Matters

      Late President Muhammadu Buhari

      The Passing of a Mighty Warrior by Chief Femi Fani-Kayode

      President Muhammadu Buhari

      Buhari in his Own Words By Kabir Akintayo

  • State
    • Nigerian Police Force

      Police Nab Suspects Over Killing of Chinese National, Arrest 2 Others…

      Nigerian Police Force

      Lagos Police Arrest Suspected Armed Robber, Recover AK-49 Rifle

      Kogi Confirms Arrest of Kidnappers’ Informants

      Nigeria Engages US, UAE over New Visa Policies, Reaffirms Commitment to…

      Crowned Prince Salman of Saudi Arabia

      ‎Saudi Arabia Mourns Buhari’s Death, Condoles Tinubu

  • Event
    • Late President Muhammadu Buhari

      Northwest Governors Mourn Buhari, Declare Tuesday Public Holiday

      Late President Muhammadu Buhari

      UPDATE: Buhari’s remain for burial Tuesday 2pm – Gov Radda

      Alhaji Ibrahim Musa Suleja

      NIPOST Appoints Ibrahim Musa Suleja Director of Corporate Communications

      Asiwaju Adegboyega Solomon Awomolo

      47 Years of Excellence: Honoring Asiwaju Awomolo, SAN

      NCoS inmates

      58 Inmates in Kano Sit for 2025 NECO Exams, Thanks to…

    • PR Nigeria Award
  • E-Paper
Home Economy FAAC Shares N429bn to Tiers of Government of February Allocation
  • Economy

FAAC Shares N429bn to Tiers of Government of February Allocation

By
Kenechukwu Offie
-
March 21, 2017
FAAC
AGF Ahmed Idris FAAC

FAAC
AGF Ahmed Idris FAAC

FG, STATES AND LGC’S SHARE N429.127 BILLION FOR THE MONTH OF FEBRUARY    2017

A total of N429.127 billion has been distributed  as Federal Allocation for the month of February, 2016 to  Federal Government, State Governments and Local Government Councils.

The  communiqué issued by the Technical sub-Committee of Federation Accounts Allocation Committee (FAAC) at the end of the meeting held today in Abuja, indicated that the gross statutory revenue received for the month is  N290.163 billion, which  is lower  than  the N324.990 billion  received in the previous month.

The shared amount comprised the Month’s Statutory distributable revenue of N258.692 billion, Value Added Tax of N69.207 billion, Exchange gain of N40.329 billion and  Excess PPT Account of N60.899 billion.

There  was also a N6.330 billion refund to the Federal Government by Nigerian National Petroleum Corporation (NNPC).

Read Also:

  • Police Nab Suspects Over Killing of Chinese National, Arrest 2 Others in Plateau
  • BREAKING: Nigeria Bids Farewell as Former President Muhammadu Buhari Laid to Rest in Daura
  • Lagos Police Arrest Suspected Armed Robber, Recover AK-49 Rifle

Accordingly, from Net Statutory revenue, Federal Government received  N117.581 billion representing (52.68%); States received N59.639 billion (26.72%); Local Government Councils received N45.979 billion representing (20.60%); while the Oil Producing States received N23.191  billion as 13% derivation revenue.

Furthermore, from the Revenue available from the Value Added Tax (VAT), Federal Government received N9.966 (15%); States received N33.220 billion (50%) while the Local Government Councils received N23.254  (35%).

The Communique further revealed  that there was a revenue increase  of $4.06  million in Federation export sales due to a rise  in the Crude oil export  volume by 0.30  million barrels.

There was however,  a decrease in the average price of Crude oil from  $49.57 to $44.74 per barrel during the period under review. Production diminished during the period due largely to leakages in the pipelines arising from sabotage. Also the force Majeure declared at Forcados and Brass Terminals lingered.

Significant decreases in revenue  were noted from PPT, CIT Import and export duties and oil royalty. Consequently the total revenue distributable for February including VAT is N429.127 billion.

Kenechukwu Offie (Mrs)
Director  Information, OAGF
March 21,  2017

VISIT OUR OTHER WEBSITES
PRNigeria.com EconomicConfidential.com PRNigeria.com/Hausa/
EmergencyDigest.com PoliticsDigest.ng TechDigest.ng
HealthDigest.ng SpokesPersonsdigest.com TeensDigest.ng
ArewaAgenda.com Hausa.ArewaAgenda.com YAShuaib.com
  • TAGS
  • AGF
  • faac
Previous articleEx-NNPC Boss Yakubu Gets N300mn Bail, Remanded in Prison
Next articleEx-NNPC Boss Gets Bail, Remanded in Prison… Court Jails Fraudsters 14years for Issuance of Dud Cheque
Kenechukwu Offie
Kenechukwu Offie
Yusuf Isa, a graduate of Nigeria International Institute of Journalism Abuja and Bayero University Kano is a Staff Writer with the PRNigeria and Economic Confidential in charge of business reports, economic matters and statistical analyses
Facebook Twitter

RELATED ARTICLESMORE FROM AUTHOR

Acting Controller General of Customs, Nigerian Customs Services, NSC, Ag. CG Bashir Adewale Adeniyi

Customs Exposes Scam Over Form M Migration to B’Odogwu Platform

CBN

The Facts About Nigeria’s Debts Burden Under Tinubu’s Watch By Zekeri Idakwo Laruba

Ibrahim Yahaya Dandakata of Arewa Economic Forum AEF

AEF Slams CBN’s New BDC Policy, Cites Threat to Northern Economy and National Security

Google Search Tech Digest

7 Smart Google Search Tips That Will Save You Hours By Shuaib S. Agaka | Tech Digest

U.S. VISA

REVEALED: Why US Reduced Visa Validity for Nigerians to 3 Months in Reciprocal Policy Shift

Comptroller General Nigerian Customs Bashir Adewale

Nigeria Customs Takes Anti-Money Laundering Fight to the Skies

Comptroller General Nigerian Customs Bashir Adewale

Nigeria Customs, ICPC and the Audit of Conscience

Customs Diplomacy: Nigeria, Saudi Arabia Ink Mutual Assistance Deal

Comptroller General Nigerian Customs Bashir Adewale

Nigeria, Belarus Forge Alliance to Combat Smuggling, Facilitate Trade

President Bola Ahmed Tinubu and CG Customs, Bashir Adewale Adeniyi

Tinubu Hails Customs Boss Wale Adeniyi on Historic Election as WCO Chair

WTO Lauds Nigeria Customs for Embracing Global Trade Standards

Nigeria, Rwanda Sign Landmark Tax Treaty to Boost Cross-Border Investment

LEAVE A REPLY Cancel reply

Log in to leave a comment

Recent Posts

  • Police Nab Suspects Over Killing of Chinese National, Arrest 2 Others in Plateau
  • BREAKING: Nigeria Bids Farewell as Former President Muhammadu Buhari Laid to Rest in Daura
  • Lagos Police Arrest Suspected Armed Robber, Recover AK-49 Rifle
  • Beyond the Public Gaze: Gen Irabor’s Intimate Farewell to Buhari
  • Kogi Confirms Arrest of Kidnappers’ Informants
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
Police Nab Suspects Over Killing of Chinese National, Arrest 2 Others in PlateauBREAKING: Nigeria Bids Farewell as Former President Muhammadu Buhari Laid to Rest in DauraLagos Police Arrest Suspected Armed Robber, Recover AK-49 RifleBeyond the Public Gaze: Gen Irabor's Intimate Farewell to BuhariKogi Confirms Arrest of Kidnappers’ InformantsTinubu Receives Buhari’s Remains in Katsina Ahead of Burial in DauraAtiku, Osinbajo, Amaechi, Pantami, Others Storm Katsina for Buhari’s Final RitesJUST IN: VP Shettima Arrives Katsina With Late Ex-President Buhari’s BodyNigeria Engages US, UAE over New Visa Policies, Reaffirms Commitment to Diplomatic TiesFACT-CHECK: Was Sheikh Emami al-Hadi Arrested in Iran for Being a Mossad Spy?‎Saudi Arabia Mourns Buhari's Death, Condoles TinubuBuhari’s Patriotism Will Never Be Forgotten — Ministry of DefenceEnugu Police Raid Firearms Factory, Recover 10 GunsTroops Ambush Bandits, Eliminate 2, Recover Arms in PlateauTribute to the Late Former President Buhari, By Vice Admiral Awwal Z Gambo (Rtd) CFR
X whatsapp