Revenue increases as FG, States, LGAs share N609.958bn for Nov

The revenue accrual to the federal government has increased as the Federation Account Allocation Committee (FAAC) distributed N609.958billion to the three tiers of government for the month of November 2017.

The gross statutory revenue of N549.532billion received for the month was higher than the N443.045 billion received in the previous month by N106.487billion.

The Accountant General of the Federation, Ahmed Idris, who presided over the meeting on Thursday night in the absence of the Chairman of FAAC and Minister of Finance, Mrs Kemi Adeosun, said that there was a decrease in revenue from Export sales of $69.49million due to decrease in crude oil production by 1.75 million barrels.

Giving the breakdown of the distributed revenue to the three tiers of government in line with the constitutional sharing formula, the Federal Government got N248.227billion, representing 52.68 percent.

The state government received N125.904billion representing 26.72 percent while the Local Government Councils received N97.067billion representing its 20.60 percent.

From the Value Added Tax, the Federal Government received its 15 percent VAT N11.581 billion bringing the total revenue received in the current month to N259.808billion VAT inclusive.

While the state and local government councils got N38.605billion representing 50 percent VAT and N27.023billion representing 35 percent VAT bringing their total amount received for the month to N164.509billion and N124.09billion respectively.

The Federal Inland Revenue Service (FIRS) received N5.243billion being four percent cost of collection of the N133.083billion revenue generated for the month.

While the Nigeria Customs Service received N4.226 billion representing its seven percent cost of collection of N60.379 billion and the Department of Petroleum Resources (DPR) got N3.651billion representing its four percent cost of collection of the N91.287billion revenue generated for the month.

Meanwhile, the oil producing states received a total of N43.215billion being its 13 percent derivation of mineral revenue.

He however said that the average price of crude oil increased from $48.66 to $52.07 per barrel.

Some of the issues that impacted negatively on crude oil production were attributed to maintenance, sabotage and a brief Force Majeure declared at Bonny Terminal, Idris said.

The Accountant General added that there were remarkable increases in revenues from Petroleum Profit Tax (PPT), Import Duty, Companies Income Tax (CIT), Royalty and Value Added Tax (VAT).

The distributable revenue for the month is N549.532billion bringing the total revenue distributed for the current month including VAT to N609.958billion.

He said that the balance of the Excess Crude Account as at December 15, 2017 stood at $2.3175billion while the Excess Petroleum Profit Tax stood at $133million.

Mathew Dadiya and Nafisa Abubakar, Abuja