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Wednesday, May 24, 2017

May 2017 FAAC meeting ...FG, states, LGs share N415bn

Mrs Kemi Adeosun
The Federation Account Allocation Committee (FAAC) yesterday shared N415 billion to the three tiers of government being revenue for April 2017. Giving the breakdown, the Minister of Finance, Mrs Kemi Adeosun said the gross statutory revenue of N274.210 billion received for the month, was lower than the N331.583 billion received in the previous month by N57.473 billion. 

Represented by the Accountant General of the Federation, Ahmed Idris, the minister said there was a significant increase in Export Sales Revenue by about $63.69 million due to increase in the average unit price of crude from $55.86 to $55.38 per barrel and a rise in crude oil export volume by 1.07 million barrels. She said the Federal Government received N136.633 billion; state governments got N103.842 billion, while the local governments received N77.112 billion including the Value Added Tax (VAT).

The Federal Inland Revenue Service, FIRS received 4 percent Cost of Collection from the N56.562 billion generated for the month. Nigeria Customs Service also took 7 percent cost of collection from the N43.468 billion generated in April 2017. The Department of Petroleum Resources also got its 4 percent cost of collection from the N36.115 billion generated for the month. The oil producing states received N22.640 billion being 13 percent derivations.


"However, despite the improvement, production still suffered the potential setbacks. Leakages arising from sabotage and program maintenance led to shut-ins and shutdowns at terminals. The force majeure declared at Forcados terminal since February, 2016 was still in place", she said.

The balance in Excess Crude Account was $2.299 billion, while balance of export petroleum profit tax is $67 million.

The distributable statutory revenue for the month was N272.115 billion. The sum of N6.330 billion was refunded by the Nigeria National Petroleum Corporation (NNPC) to the Federal Government. There was a proposed distribution of N20.425 billion from excess petroleum profit tax (PPT) account. Also, exchange gain of N38.517 billion was proposed for distribution. To read our report on April 2017 FAAC meeting, pls click here


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