• Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
  • Security
  • Features
  • State
  • Event
  • E-Book
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
  • Fact-Check
  • Economy
  • National
  • Security
  • Features
  • State
  • Event
  • E-Book
Home Economy FAAC Shares N462bn for May 2017
  • Economy

FAAC Shares N462bn for May 2017

By
Kenechukwu Offie
-
June 22, 2017
Ahmed+Idris+AGF FAAC
Ahmed+Idris+AGF FAAC

Ahmed+Idris+AGF
Ahmed+Idris+AGF

FAAC Shares N462bn for May 2017

A total of N462.359 billion has been distributed as Federal Allocation for the month of May, 2017 to the 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 signed by the Ag. Accountant General of The Federation, indicated that the gross statutory revenue of N317.562 billion received for the month is higher than the N274.110 billion received in the previous month by N43.452 billion.

Read Also:

  • Alleged Certificate Forgery: Why Uche Nnaji Must Resign or Get Fired Immediately
  • Pantami Foundation Graduates 250 Gombe Youths in Tech, Entrepreneurship
  • Tinubu Orders NAHCON to Reduce 2026 Hajj Fares

The slight drop in the average price of crude oil from $55.38 to $55.18 per barrel and a decrease in export volume by 1.023 million barrels, reduced oil revenue by $57.12 million. Crude oil production suffered due to leakages, sabotage, shut-ins and shut-downs at Terminals for maintenance and the Force Majoure declared at Forcados Terminal since February, 2016 subsisted. There were significant increases in revenues from Companies Income Tax and Oil Royalty, however, the increase in customs and excise duty was marginal.

The distributable Statutory Revenue for the Month is #317.562 billion.

There is a proposed distribution of #64.812 billion being the exchange rates differential. The total revenue distributable for the current Month (including VAT) is #462.359 billion.

The shared amount comprised the Month’s Statutory distributable revenue of N317.562 billion, the gross revenue available from the Value Added Tax (VAT) was #79.985 billion as against N84.673 billion distributed in the preceding month, resulting in a decrease of #4.688 billion.

The total revenue distributable for the current month (including VAT) is N462.359 billion.

Accordingly, from Net Statutory revenue, Federal Government received N147.682 billion representing (52.68%); States received N74.906 billion (26.72%); Local Government Councils received N57.750 billion representing (20.60%); while the Oil Producing States received N20.505 billion as 13% derivation revenue.

Furthermore, from the Revenue available from the Value Added Tax (VAT), Federal Government received N11.518 billion (15%); States received N38.393 billion (50%) while the Local Government Councils received N26.875 billion (35%).

Consequently the total revenue distributable for the Month of March including VAT is N462.359 billion.

Kenechukwu Offie (Mrs)
Director Information, OAGF
22nd June, 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
  • faac
  • VAT
Previous articleRamadan: FG Declares Monday, Tuesday Ed-EL Fitr Public Holiday
Next articleEFCC Arraigns Ex-Minister, Akinjide For N650m Fraud
Kenechukwu Offie
Kenechukwu Offie
https://prnigeria.com/

RELATED ARTICLESMORE FROM AUTHOR

How Irabor’s Book Launch Became National Security Summit as Obasanjo, Jonathan, Kukah, Sultan Spoke on Boko Haram

GWA Award Winners 2025

PHOTOS: Nigeria Customs, IMPR Bag Back-to-Back Golden World Award at IPRA 70th Anniversary

Customs, NCC Strengthen Alliance on Device Monitoring, Security, Public Safety

EFCC Arrests 42 Suspected Internet Fraudsters, Recovers Laptops, Phones in Yobe

Military Foils Terrorist Attacks, Rescues Victims, Dismantles Hideouts in Sokoto, Kebbi

ICPC

ICPC Rises to 3rd Place in Transparency Index, Records Historic Leap in Integrity Score

Nigeria and the Genocide Lie That Refuses to Die By Kabir Abdulsalam

FULL TEXT INDEPENDENCE SPEECH: Tinubu Hails Nigeria’s Progress at 65 Tinubu, Lists Achievements, Promises Brighter Future

Aliko Dangote

FG Brokers Truce in Dangote–PENGASSAN Dispute

President Bola Ahmed Tinubu

Nigeria @ 65: Tinubu Hails Armed Forces, Claims Victory Over Boko Haram, IPOB, Bandits

Bayo Onanuga: Between Bolekaja Publicity and Public Relations

Nigeria at 65: Tinubu Lists 12 Economic Gains of His Reforms

LEAVE A REPLY Cancel reply

Log in to leave a comment

Recent Posts

  • Alleged Certificate Forgery: Why Uche Nnaji Must Resign or Get Fired Immediately
  • Pantami Foundation Graduates 250 Gombe Youths in Tech, Entrepreneurship
  • Tinubu Orders NAHCON to Reduce 2026 Hajj Fares
  • Security Operatives Nab Influencers Over Defamatory Campaign Against Senator Shehu Buba
  • Army Dislodges Bandits in Taraba Forests Under Operation Lafiya Nakowa
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
Alleged Certificate Forgery: Why Uche Nnaji Must Resign or Get Fired ImmediatelyPantami Foundation Graduates 250 Gombe Youths in Tech, EntrepreneurshipTinubu Orders NAHCON to Reduce 2026 Hajj FaresSecurity Operatives Nab Influencers Over Defamatory Campaign Against Senator Shehu BubaArmy Dislodges Bandits in Taraba Forests Under Operation Lafiya NakowaHow Irabor's Book Launch Became National Security Summit as Obasanjo, Jonathan, Kukah, Sultan Spoke on Boko HaramNigerian Army Denies Losing Weapons to Bandits in Kwara OperationUba Sani Releases ₦2.3bn for Retirees and Families of Deceased WorkersGroup Urges CBN to Scrap 2% Service Charge on Hajj Fare to Reduce Pilgrimage CostNDLEA Dismantles Cocaine Cartels Behind UK Shipments, Arrests Suspects, Destroys 25,000kg Skunk NationwideKano Gov't Investigates Alleged Diversion of N4bn Dala Inland Dry Port FundsACF Warns of Alleged Plot to Cripple Dangote Refinery, Urges FG InterventionTroops Neutralise Terrorists, Repel Boko Haram Attack in BornoPHOTOS: Nigeria Customs, IMPR Bag Back-to-Back Golden World Award at IPRA 70th AnniversaryTroops Nab Terrorists’ Logistics, Drug Suppliers in Borno
X whatsapp