FG, states and LGCs shared N637.704bn August


James OnjeOjochenemi

A total of N637.704billion has been distributed among the Federal Government, States and Local Government Councils for the month of August.

In 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 today in Abuja, indicated that the gross statutory revenue received for the month is N550.992 billion.

This also indicates that there was a significant increase byN163.673 billionin revenue for the month of August 2017, compared to the N387.319 billion received in the previous month.

According to the communique, the Federal Government received  N260.609 billion representing (52.68%); States received N132.184 billion (26.72%); Local Government Councils received N101.908 billion representing (20.60%); while the Oil Producing States received N41.977 billion as 13% derivation revenue from Net Statutory Allocation.

It also added that”from the Revenue available from the Value Added Tax (VAT), Federal Government received N12.487 billion (15%); States received N41.622 billion (50%) while the Local Government Councils received N29.135 billion (35%).

The Communique further explained 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  $41 million.Also the balance of the excesses crude account remains $2.309 billion.

It further stated that there was shut-in and shut-down of pipelines due to the activities of vandals as well as for maintenance which impacted negatively on production.

Meanwhile, the Force Majeure declared at the Forcadose terminal since February, 2016 was still in place and significant increases were recorded in Companies Income and Petroleum Profit tax while Import, Excise Duties and Value Added Tax recorded marginal increases.