FAAC Shares N635mn to FG, States, LGCs for January 2018

The total  sum of  N635.554 billion   has been shared at the meeting of the Federation Account Allocation Committee FAAC  among the Federal, States and Local Government Councils  as revenue for  the month of January 2018.

The  communiqué issued by the sub -Committee of Federation Accounts Allocation Committee (FAAC)   at the end of the meeting held today in Abuja, indicated that the gross statutory revenue received for the month is N538.908 billion and   is lower than N540.446 billion  received in the previous month by N1.538 billion.

The shared amount comprise  the Month’s Statutory distributable revenue of N538.908 billion and the  Value Added Tax of N96.646 billion making up the sum of  N635.554 billion.

Accordingly, from Net Statutory Allocation, the Federal Government received  N249.366 billion representing (52.68%); States received N126.482 billion (26.72%); Local Government Councils received N97.512 billion representing (20.60%); while the Oil Producing States received N52.042 billion as 13% derivation revenue.

Furthermore,  the Revenue available from the Net Value Added Tax (VAT), Federal Government received N13.917 billion (15%); States received N46.390 billion (50%) while the Local Government Councils received N32.473  billion  (35%).

The Communique further explained that there was an increase in the average price of crude oil from $56.83 to $57.71 per barrel and a decrease in  export sales of 0.36 million barrels which resulted in decreased revenue from Export sales of $113.86 billion .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 increases were recorded in  VAT and Oil  Royalty , while revenues from Import Duty recorded marginal increase. Petroleum Profit Tax and Companies Income Tax decreases in  the month under review.

 Kenechukwu  Offie  (Mrs)

 Director Press,  OAGF

February  22nd ,   2018