Revenue allocation: FG, state, LGAs share N652.2bn for June

. FG, N286.65b, states, N178.619b, LGs, N134.927b

Revenue generation to the Federation coffer has increased tremendously compared to the what was shared in the previous month of may, as the Federal Account Allocation Committee (FAAC) distributed N652.229 billion for the month of June, 2017.

The latest figures were released in Abuja, Federal Capital, on Tuesday. The figures showed a significant increase over last month, according to the Federal Government.

The Chairman of FAAC and Minister of Finance, Mrs Kemi Adeosun, represented by the Accountant General of the Federation, Mr Ahmed Idris, on Tuesday, in Abuja, said that the gross statutory revenue of N570,584 billion received for the month was higher than the N317.562b received in the previous month by N253.022b.

Idris said that the decrease in the average price of crude oil from $55.18 to $50.27 per barrel and a significant decrease in export volume by 3.20 million barrels, resulted in decreased revenue from export sales for the Federation by $183.68 million.

The minister said that Value Added Tax, VAT, recorded an increase of N1.660 billion, compared to the previous month.

Giving a further breakdown of the figures, she said the Federal Government received N286.65b naira inclusive of VAT in line with the sharing formulae of 52.68% and 15% for VAT.

She said the 36 states across the federation, got N178.619b, representing 26.72% and 50% for VAT; while the local government councils received N134.927b as its 20.60% and 35%VAT.

According to the Minister, the oil producing states also got N29.894b, as the 13% Derivation of mineral oil.

Also, the Federal Inland Revenue Service (FIRS) received N11.314b as its cost of statutory revenue collection; while Nigeria Customs Service, NCS, got N3.780billion as its cost of revenue collection while the Department of Petroleum Resources (DPR) received N1.780b, respectively.

The government said that the Excess Crude Account stood at $2.303b, while the Excess Petroleum Profit Tax (PPT) was $68m.

Further, the government explained that crude oil production suffered due to leakages, shut-ins and shut-downs at terminals for maintenance and the Force Majeure declared at Forcados Terminal since February, 2016, had subsisted.

The Accountant General said that there were significant increases in companies income tax (CIT), being peak period for it’s collection and Petroleum Profit Tax (PPT); adding that, Value Added Tax, import and excise duties recorded marginal increases.

According to the government, the gross revenue accruable from VAT was N81.645b, as against the N79.985b distributed in the preceding month.

The Federal Government said that overall, the total revenue distributable for the current month, including VAT, was N652.229billion.