FAAC shares N465.149bn in January

The Federation Account Allocation Committee at its monthly meeting in Abuja on Monday shared the sum of N465.149bn billion to the three tiers of government for the month of January, 2017.

The amount represents N65.149 billion increase when compared to the N400.000 billion shared for the month of December 2016.

Speaking to newsmen after the meeting held at the ministry of finance, the Permanent Secretary in the ministry, Mamoud Duse said the N465.149bn was distributed under four sub-heads.

The sum of N282.406bn was for statutory allocation; N73.522bn for value-added tax (VAT); exchange gain of N48.371bn, and excess Petroleum Profit Tax N60.850bn.

The Permanent Sectary said from the statutory allocation after deducting cost of collections to the revenue generating agencies, the federal government received N133. 192bn, states got N67.557bn and local government councils N52.083bn.

In addition, he said the sum of N20.620bn was given to the oil producing states as 13 per cent derivation. For VAT allocation, Duse said the federal government got N10.587bn, states N35.29bn, while local government councils took home N24.703bn.

He further said during the month, the sum of N324.990bn was generated as gross statutory revenue, stressing that it was higher than the N248.715bn received in the previous month by N76.275bn, adding that the balance of the excess crude account stands at $2.458bn.

In a communiqué issued after the meeting, FAAC noted that there was revenue increase of $74.91 million in Federation export sales due to a rise in crude oil export volume by 1.490 million barrels and an increase in the average price of crude oil from $47.30 to $49.57 per barrel during the period under review.

FAAC, however noted that the force Majeure at Forcados, Qua Iboe and Brass terminals remained in place. It further explained that the Federation revenue increased despite the Force Majeure and the Shut-down of pipelines for repairs and maintenance due to leakages and sabotage.

According to the Communiqué, the PPT collection increased significantly in the month under review, while revenues from Companies Income Tax (CIT), Value Added Tax (VAT), Import duty and Royalty decreased slightly.

VANGUARD