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Wednesday, September 21, 2016

August 2016 Federal Allocation Stands At N510.270bn


Nigeria's Minister of Finance

At the end of the monthly Federation Account Allocation Committee (FAAC) meeting in Abuja yesterday, the Federal Government received N149.310 billion, the states got N75.732 billion, local governments pocketed N58.386 billion while N20.293 billion was shared as 13 per cent mineral revenue derivation.

Also shared were proceeds from the Value Added Tax (VAT) from which the Federal Government received N10.939 billion, states N36.462 billion and local governments N25.523 billion. An additional N84.263 billion was shared as exchange gains, N35 billion as excess petroleum profit tax (PPT) while N6.330 billion was refunded to the government by the Nigeria National Petroleum Corporation (NNPC).

The balance to make up the N510.270 billion was what was given to the collecting agencies as cost of collection. Nigeria Customs Service (NCS) got N4.033 billion, FIRS N4.663 billion, Department of Petroleum Resources (DPR) N2.627 billion.

Addressing reporters at the end of the meeting, Finance Minister, Mrs Kemi Adeosun, said the gross statutory revenue of N315.045 billion received for the month was higher than the N287.819 billion received in the previous month by N27.226 billion.

She added that crude oil export volume increased by 2.2 million barrels in May,  despite the brief force majeure declared at Qua Iboe and Bonny terminals and a subsisting force majeure at Forcados Termibal.

Other terminals also experienced problem of shut-in and shut-down of pipelines for repairs and maintenance. However, revenue was boosted with the $109.40 million accruals in export sales as a result of the increase in average price of crude oil from $42.21 in April to $46.06 per barrel in May.

A rise in the volume of dutiable imports contributed significantly to the increase recorded by import duty and VAT while the increase in PPT collections was attributed to receipts from National Petroleum Development Company (NPDC) and Joint Venture operators. The exchange rate regime, the minister said, “helped boost revenue for the current revenue including oil and gas royalty’’.

She also announced that he Excess Crude Account (ECA)  stands at $2.9 billion.
To read our June 2016 FAAC allocation report, please click here

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