FAAC distributes N655.177bn to FG, States, LGAs
The Federal Account Allocation Committee (FAAC) has shared a whopping N655.177 billion to the three tiers of government being the monthly allocation for the month of December 2017.
Chairman of FAAC and Minister of Finance, Mrs Kemi Adeosun who announced the figures on Tuesday, said that the gross statutory revenue of N540.446 billion received for the month was lower than the N549.533 billion received in the previous month by N9.087 billion.
Adeosun said that the decrease in crude oil export sales by 0.59 million barrels resulted in decreased revenue from export sales of $11.65 million.
She however, stated that the average price of crude oil increased from $52.07 to $56.83 per barrel during the period under review.
Giving the breakdown, the Federal Government received N252.543 billion representing its 52.68% sharing formulae in line with the constitution.
The Federal Government also received N12.091 billion being its 15% Value Added Tax (VAT) bringing the total to N264.634 billion.
The State Governments received N128.093 billion representing 26.72% as enshrined in the constitution with additional N40.302 billion being 50% VAT allocation bringing the total amount of revenue received for the month of December to N168.395 billion.
While the Local Government Councils received N98.755 billion representing 20.60%, and also got N28.211 billion as 35% VAT revenue bringing the total amount of revenue received for the month to N126.966 billion.
According to the Minister, there was shut-ins and shut-downs at various terminals due to theft activities and for continuous repairs.
Force Majeure was also declared at Bonny terminal, but there were marginal increase in revenues from Petroleum Profit Tax (PPT) and Value Added Tax while import duty and oil royalty recorded decreases.
The Excess Crude Account stood at $2.317 billion.
Meanwhile, the Chairman of Finance Commissioners Forum, Mahmood Sale Yunusa said that all state governments have adopted establishment of Efficiency Unit and in the next four months would commence its operation to reduce cost of governance.
Mathew Dadiya, Abuja
