May 2017 Revenue: FG, States, LGs Share N462bn
The sum of N462.359 billion has been shared among the Federal Government, State Governments and Local Government Councils as distributable revenue for the month of May 2017.
According a communiqué by the Technical sub-Committee of Federation Accounts Allocation Committee (FAAC) at the end of the meeting held today in Abuja, the gross statutory revenue of N317.562 billion for the month is about N43.452 billion higher than the sum of N274.110 billion made in the preceding month of April 2017.
Signed by the Acting Accountant General of The Federation (AGF), the communiqué noted that the slight fall in the average price of crude oil from $55.38 to $55.18 per barrel as well as a drop in export volume by 1.023 million barrels, reduced oil revenue by $57.12 million during the period.
It also said that crude oil production suffered due to leakages, sabotage, shut-ins and shut-downs at Terminals for maintenance and the Force Majoure declared at Forcados Terminal since February, 2016 subsisted.
However, the documents indicated that there were significant increases in revenues from Companies Income Tax and Oil Royalty, however, the increase in customs and excise duty was marginal.
Accordingly, distributable statutory revenue for the month stood at N317.562 billion with proposed distribution of N64.812 billion being the exchange rates differential. In all, the total revenue distributable for the current month (including VAT) came to about N462.359 billion.
The breakdown further indicated that the shared amount consist of the month’s statutory distributable revenue of N317.562 billion; even as the accrued sum of N79.985 billion as gross revenue from the VAT showed about N4.688 billion drop compared to N84.673 billion shared in April 2017.
Director, Information in the Office of AGF, Mrs Kenechukwu Offie further said in a statement that the total revenue distributable for the current month (including VAT) is N462.359 billion.
Her statement also said that from net statutory revenue, the Federal Government got N147.682 billion, representing (52.68%); States received N74.906 billion (26.72%); while Local Government Councils went home with N57.750 billion representing (20.60%). In addition, the sum of N20.505 billion was given to Oil Producing States as the 13% derivation revenue.
Furthermore, from the Revenue available from the Value Added Tax (VAT), Federal Government received N11.518 billion (15%); States received N38.393 billion (50%) while the Local Government Councils received N26.875 billion (35%).
