FAAC Shares N637bn for August 2017
BY AMOS DUNIA, ABUJA – The Federal Accounts Allocation Committee (FAAC), recorded a significant increase in revenue for the month of August 2017, as it distributed a total of N637,704 billion among the Federal Government, State Governments and Local Government Councils.
A communiqué issued by the sub-Committee of FAAC, Office of the Accountant-General of the Federation (OAGF), indicated that the gross statutory revenue received for the month is N550.992 billion and is higher than the N387.319 billion received in the previous month by N163.673 billion.
A statement issued at the end of its meeting in Abuja on Thursday by the Director of Information, OAGF, Mrs Kenechukwu Offie said the shared amount comprise the month’s statutory distributable revenue of N550,992 billion and the Value Added Tax of N86.712 billion, making up N637.704 billion.
Accordingly to Mrs Offie; “From Net Statutory Allocation, 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.
“Furthermore, 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 FAAC Communique however 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 millions.
Mrs Offie further said that there was also shut-in and shut-down of pipelines due to the activities of vandals as well as for maintenance which impacted negatively on production, adding that the Force Majeure declared at the Forcadose terminal since February, 2016 was still in place.
“Significant increases were also recorded in Companies Income and Petroleum Profit tax while Import and Excise Duties and Value Added Tax recorded marginal increases,” Mrs Offie said.
The FACC said the balance of the excesses crude account is $2.309 billion.
