• 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 N532bn as Revenue to FG, States, LGCS for October 2017
  • Economy

FAAC Shares N532bn as Revenue to FG, States, LGCS for October 2017

By
Kenechukwu Offie
-
December 7, 2017
Ahmed+Idris+AGF FAAC
Ahmed+Idris+AGF FAAC

FAAC Shares N532bn as Revenue to FG, States, LGCS for October 2017

The sum of N532.758 has been shared as Federation Account Allocation among the Federal, States and Local Government Councils for the month of October 2017.

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 (December 7, 2017) in Abuja, indicated that the gross statutory revenue received for the month is N443.045 billion and is higher than the N423.961 billion received in the previous month by N19.084 billion.

The shared amount comprises the Month’s Statutory distributable revenue of N443.045 billion and the Value Added Tax of N89.713 billion, making up N532.758 billion.

Read Also:

  • Nigeria’s Strategic Partnerships: What the French Military Academy’s Visit to NDA Really Means
  • Nigeria’s Future Lies in Its People, Not Oil, Says Tinubu at CIPM Conference
  • Press Freedom: Police Authorities Vow to Strengthen Collaboration with Journalists

Accordingly, from Net Statutory Allocation, the Federal Government received N205.700 billion representing (52.68%); States received N104.334 billion (26.72%); Local Government Councils received N80.437 billion representing (20.60%); while the Oil Producing States received N40.847 billion as 13% derivation revenue. Also, Nigeria Custom Service, Department of Petroleum Resources, and FIRS got the total sum of N11.726 billion as the cost of collection.

Furthermore, from the Revenue available from the Value Added Tax (VAT), Federal Government received N12.919 billion (15%); States received N43.062 billion (50%) while the Local Government Councils received N30.143 billion (35%).

The Communique further explained that there was an increase in the average price of crude oil from $46.29 to $48.66 per barrel and a decrease in export sales of $42.94 million due to a decrease in oil production by 1.25 million barrels.

It further stated that other issues which negatively affected the Crude oil production were attributable to ageing facilities which resulted in shut-in and shut-down of pipelines for maintenance and for repairs. Furthermore, a significant increase was recorded in Petroleum Profit Tax while Import and Excise Duties and Value Added Tax recorded witnessed slight improvements. However, companies income tax (CIT) and Oil Royalty recorded slight decreases in the month under review.

Kenechukwu Office (Mrs)
Director Information, OAGF

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
  • 2017
  • faac
  • FAAC Shares
  • Naija News
  • Nigeria News
  • October
  • VAT
Previous articleNPS Promotes 11,000 Prison Officers, Plans to recruit 6000
Next articleGwarzo’s Suspension: I cannot be blackmailed – Adeosun
Kenechukwu Offie
Kenechukwu Offie
https://prnigeria.com
PRNigeria is the pioneer Press Release Distribution agency in Nigeria. A member of image Merchant Promotions limited, PRNigeria encourages individuals and organisations to be more transparent in their information management. with dedicated Editorial staffs, the PRNigeria ensures that information provided on its platforms are timely, factual and authoritative Read more at: //prnigeria.com/about/
Facebook Twitter

RELATED ARTICLESMORE FROM AUTHOR

NAF Chief Alfa, Badeh and Aneke

Nigeria’s Chiefs of Air Staff: NAF Leadership from 1963 to Present

Nigerian Police Force

Press Freedom: Police Authorities Vow to Strengthen Collaboration with Journalists

Nigerian Naval Chiefs Idi Abbas, Ibrahim Saad and Patrick Koshoni

List of Nigeria’s Naval Chiefs Since Independence to the Present Day

Nigerian Army Chief TY Danjuma, Ibrahim Attahiru, Shuaib Waidi

List of Nigeria’s Army Chiefs From Independence to the Present Day- By PRNigeria

WSCIJ Urges Joint Effort to Safeguard Nigeria’s Democratic Space

Minister of Interior Olubunmi Tunji-Ojo

170 Foreigners Seek Application for Nigerian Citizenship

The National Security Adviser Mallam Nuhu Ribadu

Anambra Guber Poll: We’ll Deal Decisively With Trouble Makers — Ribadu Warns

President Bola Ahmed Tinubu

JUST IN: Tinubu Writes Senate, Seeks Confirmation of Newly Appointed Service Chiefs

Troops of Nigerian Army after successfully foiling an ambush by Boko Haram/ISWAP Terrorists

Troops Neutralise 10 Terrorists, Recover Weapons in Borno

Military troops

After Katarko Clash, Troops Neutralize 10 Terrorists in Gamboru–Dikwa Operation

Unlocking Nigeria’s Fiscal Future Through Tax Reform By Abdullateef M Awal

Nigerian Youths

Empowering Nigerian Youth in Building a Climate-Resilient Future By Mustapha Abdulganiyu

LEAVE A REPLY Cancel reply

Log in to leave a comment

Recent Posts

  • Nigeria’s Chiefs of Air Staff: NAF Leadership from 1963 to Present
  • Nigeria’s Strategic Partnerships: What the French Military Academy’s Visit to NDA Really Means
  • Nigeria’s Future Lies in Its People, Not Oil, Says Tinubu at CIPM Conference
  • Press Freedom: Police Authorities Vow to Strengthen Collaboration with Journalists
  • Presidency Reviews Clemency List, Denies Maryam Sanda, Other Famous Convicts
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
Nigeria’s Chiefs of Air Staff: NAF Leadership from 1963 to PresentNigeria’s Strategic Partnerships: What the French Military Academy’s Visit to NDA Really MeansNigeria’s Future Lies in Its People, Not Oil, Says Tinubu at CIPM ConferencePress Freedom: Police Authorities Vow to Strengthen Collaboration with JournalistsPresidency Reviews Clemency List, Denies Maryam Sanda, Other Famous ConvictsTinubu Grants Clemency to Selected Convicts, Transfers Mercy Committee to Justice MinistryICPC, PenCom Partner to Curb Pension Fraud NationwideList of Nigeria’s Naval Chiefs Since Independence to the Present DayNigeria Police Marks 70 Years of Women in PolicingList of Nigeria’s Army Chiefs From Independence to the Present Day- By PRNigeriaWSCIJ Urges Joint Effort to Safeguard Nigeria’s Democratic SpaceHow we Trained 3,790 Journalists, Created 844 Stories in Few Years - WSCIJ ICPC, RoLAC Partner to Boost Staff’ Capacity on Data-Driven PerformanceUS Revokes Wole Soyinka’s Visa, Nearly a Decade After He Renounced Green Card Over TrumpCustoms Warn Nigerians Against WhatsApp Auction Scams
X whatsapp