A total sum of N386.879billion has been disbursed as Federal Allocation for the month of November 2016 for the Federal Government, State Governments and Local Government Councils of the Federation.The figure was released after the meeting of the monthly Federation Account Allocation Committee (FAAC) in Abuja Thursday (15/12/2016).
According to the figures released by Office of the Accountant General of the Federation, the gross statutory revenue of N240.120billion received for the month was higher than the N238.716billion received in the previous month by N1.404billion. Crude Oil export volume decreased further by 0.34 million barrels while the average price of Crude Oil increased, from $46.54 to $47.08 per barrel during the period under review.
Federation export sales revenue declined by about $14.74 million.
A brief Force Majeure was declared at Bonny Terminal while the Force Majeure at Forcados, Qua Iboe and Brass Terminals were in place. Federation revenue was low as a result of Shut-in and Shut-down of Pipelines for repairs and maintenance due to leakages and sabotage, however, Companies Income Tax (CIT) and Value Added Tax (VAT) recorded marginal increases.
The distributable Statutory Revenue for the month is N206.448billion. The sum of N6.330billion was refunded by NNPC to FGN. There is a proposed distribution of N66billion from the Excess PPT Account. Also, exchange gain of N38.852billion is proposed for distribution.
The total revenue distributable for the current month (including VAT) is N386.879billion. From Statutory revenue, Federal Government received N97.897billion (52.68%); States received N49.655billion (26.72%); Local Government Councils received N38.282billion (20.60%); while the Oil Producing States received N13.613billion as 13% derivation revenue.
To read our earlier post on October 2016 FAAC report, please click here