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Home Economy Jumbo Allocation: FAAC Shares N652bn to FG, States, LGs for June 2017
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Jumbo Allocation: FAAC Shares N652bn to FG, States, LGs for June 2017

By
Kenechukwu Offie
-
July 25, 2017
Ahmed+Idris+AGF FAAC
Ahmed+Idris+AGF FAAC

Ahmed Idris AGF FAAC
Ahmed Idris AGF

FAAC Shares N652bn to FG, States, LGs for June 2017

A total of N652.229 billion has been distributed as Federal Allocation for the month of June , 2017 to the Federal Government, State Governments and Local Government Councils.

The communiqué issued by the sub -Committee of Federation Accounts Allocation Committee (FAAC) of the Office of the Accountant-General of the Federation, at the end of the meeting held today in Abuja, indicated that the gross statutory revenue received for the month is N570.584 billion and is higher than the N317.562 billion received in the previous month by N253.022 billion.

The shared amount comprised the Month’s Statutory distributable revenue of N570.584 billion and the Value Added Tax of N81.645 billion.

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Accordingly, from Net Statutory Allocation, the Federal Government received N274.893 billion representing (52.68%); States received N139.429 billion (26.72%); Local Government Councils received N107.494 billion representing (20.60%); while the Oil Producing States received N29.894 billion as 13% derivation revenue.

Furthermore, from the Revenue available from the Value Added Tax (VAT), Federal Government received N11.757 billion (15%); States received N39. 190 billion (50%) while the Local Government Councils received N27.433 (35%).

The Communique further explained that there was a decrease in the average price of crude oil from $55.18 to $50.27 per barrel and a significant decrease in export volume by 3.20 million resulted in decreased revenue from export sales revenue increaseby about $183.68 million.

There was also shut-in and shut-down of pipelines due to the activities of vandals as well as for maintenance which impacted negatively on production.

Furthermore, the Force Majeure declared at the Forcados terminal since February, 2016 was still in place. Significant increases were also recorded in Companies Income Tax being the peak period for its collection.

Kenechukwu Offie (Mrs)
Director Information, OAGF
July, 25th 2017

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SHAKE-UP: FRSC Redeploys Senior Officers to Bolster Operations NationwideFRSC Secures Conviction for 245 Traffic Offenders in AbujaSecurity Operatives Arrest Notorious Thugs Disguised as Women in KanoTroops Arrest 12 Suspected Drug Dealers in Kaduna, Rescue Accident Victim on Abuja HighwayTroops Foil Terrorist Attacks in Katsina, Raid Hideouts in Sokoto, Recover MotorcycleCustoms Recruitment: Guides on How Shortlisted Applicants Can Validate Emails for Online TestBauchi Muslim Parliament Backs Senator Buba's Peace EffortsGlobal Winner Nafisa Visits Professor Isa PantamiNAF Airstrikes Destroy Bandit Hideout in ChikunNigerian Troops Eliminate Notorious Bandit Deputy Commander in KogiPolice Arrest 56 Suspects in Coordinated Raids Across FCTWho Really Killed Charlie Kirk? By Femi Fani-KayodeMilitary Strengthens Counter-Insurgency Drive as PCRC, NSCDC Seek Support in BornoNAHCON staff commend Chairman Over New Postings, PromotionsMilitary Eliminates Terrorist Commanders in Yobe, Foil Attacks in Sokoto, Zamfara
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