A
total of N420billion has been shared as Federal Allocation for the
month of October 2016 by the Federal Government, State governments and
Local Government Councils after the monthly meeting of the Federation
Account Allocation Committee (FAAC)
According
to the figures released by Office of the Accountant General of the
Federation, the gross statutory revenue of N238.716 billion received for
the month was lower than the N279.746 billion received in the previous
month by N 41.030 billion. Crude Oil export volume decreased while the
average price of Crude Oil dropped, resulting in revenue loss of about
$51million in Federation export Sales.
Force
Majeure was declared at Qua Iboe Terminal and the NGL lifting
programmes with the Force Majeure at Forcados Terminal still in place.
Shut-in
and Shut-down of Pipelines for repairs and maintenance due to attacks
on delivery pipelines also contributed to the low revenue.
Also,
there were decreases in volume of import duty and Companies Income Tax
(CIT) while PPT and Oil Royalty recorded marginal increases.
The distributable Statutory Revenue for the month is N 203.952 billion. The sum of N 6.330 billion was refunded by NNPC to FGN.
There
is a proposed distribution of N 109.108 billion from Excess PPT
Account. Also, exchange gain of N 37.319 billion is proposed for
distribution.
This brings the total revenue distributable for the current month (including VAT) to N 420.000 billion.
Consequently,
from Statutory revenue, Federal Government received N96.674 billion
(52.68%); States received N49.035 billion (26.72%); Local Government
Councils received N37.804 billion (20.60%); while the Oil Producing
States received N13.548 billion as 13% derivation revenue.
Kenechukwu N. Offie (Mrs)
Director Information, OAGF
November 23rd, 2016.
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