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Wednesday, April 26, 2017

April 2017 FAAC meeting ...FG, states, LGs share N467.8b

Accountant-General of the Federation
The Federation Accounts Allocation Committee (FAAC) yesterday shared N467.807 billion among the three tiers of government for last month. According to the Accountant-General of the Federation (AGF), Ahmed Idris, the gross statutory revenue of N331.583 billion received for the month was higher than last month’s N290.163 billiion by N41.420 billion. 

He noted that despite the increase in the average unit price of crude oil per barrel from $44.74 to $52.86, the revenue from Federation Export sales dropped by $6.6 million. Addressing a news conference after the meeting in Abuja, Idris attributed the decline to crude oil export volume.

“Production suffered during the period due largely to leakages in the pipelines arising from sabotage, shut down of terminals for turnaround maintenance and the Force Majure declared at Forcados and Brass Terminals that were still in place. There was, however, a noteworthy increase in revenue from oil royalty. Also, significant increases were recorded from companies’ income tax, import and excise duties and Value Added Tax.”


The Accountant-General noted that the distributable statutory revenue for the month was N299.930 billion. Idris added that N6.330 billion was refunded by the Nigeria National Petroleum Corporation to the Federal Government.

The AGF said: “There is a proposed distribution of N22.259billion from Excess Petroleum Profit Tax account. Also, exchange gain of N66.967 billion is proposed for distribution. The total distributable for the current month including VAT is N467.807 billion.”

The Federal Government received a share of N189.243 billion, states got N127.994 billion and 774 local government areas received N96.000 billion. The chairman, Commissioners of Finance Forum, and Commissioner of Finance from Adamawa State, Yinusa Mahmud, said the revenue in the month under review increased by N38 billion.

“The price of oil is promising and that the federal government is doing much to sustain peace in the Niger Delta,” Mahmud said. To read our report on March 2017 FAAC meeting, please click here

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