FG, States, LGAs share N638bn for August

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Due to a remarkable in­crease in revenue gen­erated in August 2017, a total of N637.704 billion has been distributed as federal allo­cations among the Federal Gov­ernment, State Governments and Local Government Areas.

A 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 on Thursday, showed that the gross statutory revenue received for the month is N550.992 billion and is high­er than the N387.319 billion re­ceived in July by N163.673 bil­lion.

The distributed amount comprises the month’s statu­torily distributable revenue of N550.992 billion and the Value Added Tax (VAT) of N86.712 billion, making up N637.704 billion,

Consequently, from Net Statutory Allocation, the Fed­eral Government received N260.609 billion representing (52.68%); the states received N132.184 billion (26.72%); lo­cal government s got N101.908 billion representing (20.60%); while the Oil Producing States received N41.977 billion as 13% derivation revenue.

From the revenue availa­ble from the Value Added Tax (VAT), the Federal Govern­ment received N12.487 billion (15%); states received N41.622 billion (50%) while the councils got N29.135 billion (35%).

The Communique further stated that there was a decrease in the average price of crude oil from $51.05 to $50.44 per bar­rel and a significant increase in export volume by 0.85 million barrels, which resulted in in­creased revenue from export sales revenue by about $41mil­lion.

There was also shut-in and shut-down of pipelines due to the activities of vandals as well as for maintenance which had a negative impact on produc­tion. Moreover, the Force Ma­jeure declared at the Forcados terminal since February 2016 was still in place.

Significant increases were also recorded in Companies In­come and Petroleum Profit Tax while Import and Excise Duties and VAT recorded marginal increases. Meanwhile, the balance of the excesses crude account is $2.309 billion.

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