Federal, State Local Governments of Nigeria have shared N637.7 billion for the month of September 2017.
This figure, according to the Accountant-General of the Federation, Mr. Ahmed Idris, indicates an increase due to rise in oil and non-oil earnings, leading to the Federation Accounts Allocation Committee (FAAC) sharing N637.7 billion, among the three tiers of government.
The amount was made up of a statutory distributable revenue of N550.992 billion and Value Added Tax, VAT, revenue of N86.712 billion.
Idris stated this at the end of the monthly Federal Accounts Allocation Committee (FAAC) meeting on Thursday in Abuja.
“And this figure is distributed among the three-tiers of government after deduction of relevant cost of collection due to the revenue generating agencies,” Idris also said.
The Federal Government got N263.609bn from the gross statutory revenue, states received N132.184bn and local governments received N101.908bn.
Idris said, “It is evident from the records and from what we have distributed today that the figure distributed this month is by far greater than the distribution for the previous month by N169,852bn.”
According to the News Agency of Nigeria (NAN), the A-G said there was derivation to the oil producing states of N41.977bn. An element of value added tax that was generated to the tune of N86.712bn which was distributed among the three-tiers of government.
He said the Federal Government got N12.87 billion; state governments N41.622 billion while the local governments got N29.135 billion, making a total of N83.244 billion after deduction of cost of collection.
Idris stated that the balance in the Excess Crude Account (ECA) stood at 2.309 billion dollars as at Sept. 27, 2017, adding that, “there is also the excess Petroleum Profit Tax (PPT) of 68 million dollars.”
He explained that during the period under review, there was a decrease in the average price of crude oil from 51.05 to 50.44 dollars per barrel.
He stated that there was a significant increase in export volume by 0.85m barrels and an export sales revenue for the federation increased by 41 million dollars.
“The perennial challenges of shut-ins and shut downs at terminals caused minimal negative impact on crude oil operations during the period.
“There were significant increases in revenue from companies’ income and petroleum profit taxes. Also import and excise duties and VAT recorded marginal increases,” he stated.
