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Home Economy FAAC Shares N637bn for August 2017
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FAAC Shares N637bn for August 2017

By
Kenechukwu Offie
-
September 28, 2017

There was a significant increase in revenue for  the month of August 2017,  as a total of N637.704 billion has been distributed as Federal Allocation  among 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  N550.992  billion and   is higher  than  the N387.319 billion  received in the previous month by N163.673 billion.

The shared amount comprise  the Month’s Statutory distributable revenue of N550.992 billion and the  Value Added Tax of N86.712 billion, making up N637.704 billion.

Accordingly, from Net Statutory Allocation, the Federal Government received  N260.609 billion representing (52.68%); States received N132.184 billion (26.72%); Local Government Councils received N101.908 billion representing (20.60%); while the Oil Producing States received N41.977 billion as 13% derivation revenue.

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Furthermore, from the Revenue available from the Value Added Tax (VAT), Federal Government received N12.487 billion (15%); States received N41.622 billion (50%) while the Local Government Councils received N29.135 billion  (35%).

The Communique further explained that there was a decrease in the average price of crude oil from $51.05 to $50.44 per barrel and a significant increase in  export volume by 0.85  million barrels, which resulted in increase revenue from export sales  revenue  by about  $41. 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 Forcadose terminal since February, 2016 was still in place.  Significant increases were also recorded in Companies Income and Petroleum Profit tax while Import and Excise Duties and Value Added Tax recorded marginal increases.

Meanwhile the balance of the excesses crude account is $2.309 billion.

Kenechukwu  Offie (Mrs)

Director  Information, OAGF

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Police Neutralise Kidnappers, Arrest Suspects, Recover Arms in Nationwide CrackdownPolice Raid Bandits’ Camps, Recover Arms, Arrest Suspects in BenueArewa Economic Forum Chairman Loses MotherLuanda Summit: AUDA-NEPAD Taps AI, Green Bonds as it Launches Marketplace for Africa’s Infrastructure PushFlood Alert: Heavy Rains Threaten 7 Nigerian States this Weekend August 24-24NAF Eliminates Over 35 Terrorists at Assembly Point Near Cameroon BorderPolice Arrest 65-Year-Old Arms Trader, Suspected Chinese Illegal Miner in AnambraCustoms Consolidates Reforms as Reputation Campaign Wraps Up in Zone ‘D’Navy Dismantles Illegal Refining Site in BayelsaIs Zacch Adedeji Building Bridges for Nigeria’s Revenue Future? By Yushau A. ShuaibMattress of Terror: Can Nigeria Ever Be Truly Secure? By Haroon Aremu AbiodunArewa Consultative Forum Engages Influencers to Amplify Northern IdentityMan, 65, arrested for illegal arms deal in Anambra - PoliceDelegations Arrive Abuja for Inaugural African Defence Chiefs SummitTroops Neutralise 7 Bandits, Recover Motorcycles in Katsina
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