FAAC Shares N610bn to FG, States, LGCs in December 2017
The sum of N609.959 has been shared as Federation Allocation among the Federal, States and Local Government Councils for the month of November which is shared in December 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 in Abuja, indicated that the gross statutory revenue received for the month is N529.533 billion and is higher than the N443.045 billion received in the previous month by N86.488 billion.
The shared amount comprise the Month’s Statutory distributable revenue of N529.533 billion and the Value Added Tax of N80.426 billion, making up N609.959 billion.
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Accordingly, from Net Statutory Allocation, the Federal Government received N248.227 billion representing (52.68%); States received N125.904 billion (26.72%); Local Government Councils received N97.067 billion representing (20.60%); while the Oil Producing States received N43.215 billion as 13% derivation revenue. Also, Nigeria Custom Service, Department for Petroleum Resources, and FIRS got the total sum of N18.337 billion as cost of collection.
Furthermore, from the Revenue available from the Net Value Added Tax (VAT), Federal Government received N11.581 billion (15%); States received N38.605 billion (50%) while the Local Government Councils received N27.023 billion (35%).
The Communique further explained that there was an increase in the average price of crude oil from $48.66 to $52.07 per barrel and a decrease in export sales of $69.49 million due to decrease in oil production by 1.75 million barrels .It further stated that other issues which negatively affected the Crude oil production were attributable to sabotage and brief force Majeure declared at Bonny Terminal which resulted in shut-in and shut-down of pipelines for maintenance and for repairs . Furthermore, significant increase was recorded in Petroleum Profit Tax, Import and Excise Duties . There was also significant in Companies Income Tax (CIT) Royalty in the month under review.
The balance in the Excess Crude Account is $2.317, billion as at 15th December 2017, while balance in Petroleum Profit Tax (PPT) $133 million.
Ifeanyi Okereke
For: Director Information, OAGF
December 16th , 2017
