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Home Economy FAAC Shares N462bn for May 2017
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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:

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  • Nigeria, US to Expand Air-Ground Integration for Safer Counterterrorism Operations

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

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NUPENG Suspends Strike After Truce With FG, Labour, Oil StakeholdersFG Says Shea Export Suspension Will Create Jobs, Spur InvestmentNigeria, US to Expand Air-Ground Integration for Safer Counterterrorism OperationsKwara Police Release 48 Suspects After Finding No Criminal LinksNorthern Youth Coalition Defends Senator Buba, Condemns Smear CampaignsNSCDC Moves to Arrest Killers of 8 Operatives in Edo, Deploys Special SquadsUNODC, ONSA Push Open Source Intelligence to Combat CybercrimeTroops Rescue 5 Kidnap Victims, Repel Multiple Bandit Attacks in KatsinaSecurity Forces Foil Robbery Attack on Abuja–Kaduna Highway, Enhance Patrol Along Rail LineAU, Nigeria Sign MoU to Bolster Counter-Terrorism EffortsKaduna-Abuja Railway: An Urgent Call for Improved Maintenance and Security Compliance By Samuel AruwanThe Human Factor: IPRA President Addresses AI's Role in PRNigeria, African Union Sign MoU on Intelligence Sharing, CounterterrorismNiger Delta Operations: Troops Arrest 35, Recover Arms and Stolen OilMarwa, A Man of Uncommon Grace at 72 By Femi Babafemi
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