FG, States And Lgc’s Share N558.082 Billion As Revenue For The Month Of September 2017

The sum of  N558.082 has been shared as FACC allocation among the Federal, States and Local Government Councils  for  the month of September  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  N423.961  billion and   is lower   than  the N550.992 billion  received in the previous month by N127.023 billion.

The shared amount comprise  the Month’s Statutory distributable revenue of N423.961 billion and the  Value Added Tax of N83.315 billion, as well as Exchange Gain of N50.806 billion making up N558.082 billion.

Accordingly, from Net Statutory Allocation, the Federal Government received  N198.054 billion representing (52.68%); States received N100.456 billion (26.72%); Local Government Councils received N77.447 billion representing (20.60%); while the Oil Producing States received N35.414  billion as 13% derivation revenue.

Furthermore, from the Revenue available from the Value Added Tax (VAT), Federal Government received N11.997 billion (15%); States received N39.991billion (50%) while the Local Government Councils received N27.994 billion  (35%).

The Communique further explained that there was a decrease in the average price of crude oil from $50.44 to $46.29 per barrel and a significant increase in  export sales of $176.4  million due to increase  in oil production by 4.12 million barrels .However, activities at the Forcados terminal resumed for the first time since February 2016. In spite of this there was   also  shut-in and shut-down of pipelines  for maintenance  and for repairs . Furthermore, significant increases were also recorded in Oil royalty, while Companies Income, Petroleum Profit tax , Import and Excise Duties and Value Added Tax recorded witnessed considerable decline.

Meanwhile the balance of the excess crude account is $2.309 billion.