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.
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
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Report By: PRNigeria.com