Home » FAAC: FG, States, LGAs Share N559.032b In June

FAAC: FG, States, LGAs Share N559.032b In June

The Federal Account Allocation Committee
(FAAC), says on Thursday it distributed the sum
of N559.032 billion to the three tiers of
government. This makes it highest allocation
since the APC led administration of President
Muhammadu Buhari took over power 12
The Excess Crude Account (ECA) has also
increased from $2.61b to $3.094 billion.
Minister of Finance and Chairman of FAAC, Mrs.
Kemi Adeosun, who chaired the meeting said
that the gross statutory revenue of N538.788
billion received for the month was higher than
the N237.466 billion received in the previous
month by N301.322 billion.
She attributed the improvement in the revenue
the non oil sector especially the Federal Inland
revenue (FIRS) which she said has increased its
collection by N165 billion as well as the
Customs Service.
Giving the breakdown of the distributed figures,
the Federal Government received a total of
N209.46 billion inclusive of its 52.68 percent
15 percent Value Added Tax (VAT).
The State government received a total sum of
N133.671 billion VAT inclusive while the Local
Government Councils got the sum of N100.759
billion VAT inclusive.
According to the Minister, Crude oil export
volume increased by 1.9 million barrels in
2016 despite the subsisting Force majeure
declared at Forcados Terminal, Shut-in and Shut
down of pipelines at other terminals due to
leakages, vandalism and turn around
The average price of crude oil increased from $
32.26 in February to $38.64 in March, 2016
resulting in $92.99 million increase in Federal
Export Revenue.
There was an outstanding increase in
income Tax (CIT) and Petroleum Profit Tax
(PPT) with complementary increase in Import
Duty and royalties.
The sum of N6.330 billion was refunded by
NNPC to Federal Government of Nigeria, while
N9.923 billion Solid Mineral Revenue generated
from 2007 to 2014 was also distributed.
Also there was exchange gain of N79.272 billion
which was proposed for distribution.

About Author

Spread the love

Leave a Reply

Your email address will not be published. Required fields are marked *