FG, States, LGS Share N465b for January

February 21, 2017
FG, States, LGS Share N465b for January

FG, States, LGS Share N465b for January

By Modupe Gbadeyanka

A total of N465.149 billion has been distributed for the month of January, 2017 among the Federal Government, State Governments and Local Government Councils in the federation.

This information was revealed at the meeting of the Federation Account Allocation Committee (FAAC) held on Tuesday.

Addressing newsmen, the Technical sub-committee FAAC noted that the Gross statutory revenue received is N324.990 billion which is higher by N76.275 billion when compared with the N248.635 billion received in the month of December, 2016.

It disclosed further that the shared amount comprised the month’s statutory distributable revenue of N282.406 billion, Value Added Tax of N73.522 billion, Exchange gain of N48.371 billion and Excess PPT Account of N60.850 billion.

FAAC also said there was also a N6.330 billion refund to the Federal Government by Nigerian National Petroleum Corporation (NNPC).

From the Net Statutory revenue, Federal Government received N133.192 billion (52.68%); States received N67.557 billion (26.72%); Local Government Councils received N52.083 billion (20.60%); while the Oil Producing States received N20.620 billion as 13% derivation revenue.

Furthermore, from the Revenue available from the Value Added Tax (VAT), Federal Government received N10.587 (15%); States received N35.291 billion (50%) while the Local Government Councils received N24.703 (35%).

In a communiqué released after the meeting, it was further explained that there was a revenue increase of $74.91 million in Federation export sales due to a rise in the volume of crude oil export by 1.490 million barrels and an increase in the average price of Crude Oil from $47.30 to $49.57 per barrel during the period under review.

However, the Force Majeure declared at Forcados, Qua Iboe and Brass Terminals remained in place.

Federation revenues increased despite the Force Majeure and the shut-down of pipelines for repairs and maintenance due to leakages and sabotage.

PPT collection increased significantly while revenues from Companies Income Tax (CIT), Value Added Tax (VAT), Import Duty and Royalty decreased slightly. Kenechukwu N.Offie (Mrs) Director Information, OAGF February 21, 2017

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

Leave a Reply

CBN Releases $370m to Ease Forex Transaction
Previous Story

CBN Releases $370m to Ease Forex Transaction

Osinbajo Meets Saraki, Dogara Behind Closed Door
Next Story

Osinbajo Meets Saraki, Dogara Behind Closed Door

Latest from Economy

Don't Miss