Oil producing states receive N22.64bn 13% derivation revenue

0
268

The 10 oil producing states in the country received N22.64 billion as 13 per cent derivation funds for the month of April.

It is part of money that accrued to the Federal Government during the month which was shared by the Federal, states and local governments recently.

Overall, a total of N415.730 billion was distributed as Federal Allocation for the month of April 2017 by the three tiers of government.

Gross statutory revenue received by the Federal Government for the month was N248. 110 billion, which is lower than the N331.583 billion received in the previous month by N54.473 billion.

The shared amount comprised the month’s Statutory distributable revenue of N272.115 billion, Value Added Tax of N81.286 billion, Exchange gain of N38.517 billion and Excess PPT Account of N20.425 billion.

There was also an N6.330 billion refund to the Federal Government by Nigerian National Petroleum Corporation, NNPC.

Accordingly, from Net Statutory Allocation, the Federal Government received N124.444 billion representing (52.68%); States received N63.119 billion (26.72%); Local Government Councils received N48.662 billion, representing (20.60%); while the Oil Producing States received N22.640 billion as 13% derivation revenue.

Furthermore, from the Revenue available from the Value Added Tax, VAT; Federal Government received N12.193 (15%); States received N40.643 billion (50%) while the Local Government Councils received N28.450 (35%).

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 in Abuja, explained that there was a significant increase in Export Sales revenue by about $63.69 million due to increase in average unit price of crude oil from $52,86 to $55.38 per barrel and a rise in crude oil export volume by 1.07 million.

There was, however, a decrease in the average price of Crude oil production during the period under review, according to the communique, which stated that this was largely due to a shut-in and shut-down of pipelines due to the activities of vandals, as well as for maintenance which impacted negatively on production.

LEAVE A REPLY

Please enter your comment!
Please enter your name here