By Florence Israel, Abuja
The Federation Account Allocation Committee (FAAC) has shared N462.359 billion to the three tiers of government being allocation for May 2017.
The Minister of Finance, Mrs Kemi Adeosun, who was represented by the Acting Accountant General of the Federation M. K. Usman, gave the breakdown in Abuja on Thursday and said the gross statutory revenue of N317.562 billion received for the month was higher than the N274.110 billion received in the previous month 43.452billion, an increase of 45.4 percent.
The minister said there was a slight drop in the average price of crude oil from 55.38 to 55.18 per barrel and a decrease in export volume by 1.023 million barrels thereby reducing oil revenue by about $57.12 million.
She said crude oil production suffered leakages, sabotage, shut-ins and shut-downs at terminals for maintenance and force majeure declared at forcados terminal since February 2016 subsisted.
There was also significant increases in revenues from companies income tax and oil royalty, however the increase in customs and exercise duty was marginal, the minister said.
She said the Federal Government received N189.941billion; state governments got N128.891billion, while the local governments received N96.646 billion including the Value Added Tax (VAT) and exchange gain.
The distributable statutory revenue for the month was N317.562billion. There was no refund by the Nigeria National Petroleum Corporation (NNPC) to the Federal Government. There was a proposed distribution of N64.812 billion from exchange rate differential and nothing from the excess petroleum profit tax (PPT) account making the total distributable revenue 462.359billion.
