FAAC Shares N609bn to Tiers of Government in 2017

The sum of  N609.959  has been shared as FACC allocation among the Federal, States and Local Government Councils  for  the month of November,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.

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

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