Revenue increases as FG, States, LGAs share N462.359bn for May
Nigeria’s revenue appears to be getting better with about N46.629 billion as the Federation Account Allocation Committee (FAAC) distributed N462.359 billion to the three tiers of government unlike when the lower figure of N415.7 billion was shared in May for the month of April allocation.
Giving the breakdown on Thursday in Abuja, the Chairman of FAAC and Minister of Finance, Mrs. Kemi Adeosun, who was represented by the Permanent Secretary of the ministry, Mr. Mahmoud Isa-Dutse, said that the total revenue including Value Added Tax (VAT) available for distribution for the month of May, 2017 was N462.359 billion.
Federal Government received N159.192 billion, State governments got N113.299 billion while the Local Government Councils received N84.625 billion VAT inclusive.
He said that the gross statutory revenue of N317.562bn received for the month was higher than the N274.110bn received in the previous month by N43.453bn.
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 reduced oil revenue by about $57.12 million.
Also, Isa-Dutse said that Crude oil production suffered due to leakages, sabotage, shut-ins and shut-downs at terminals for maintenance and the force majeure declared at Forcados terminal since February 2016 subsisted.
There were significant increase in revenues from companies’ income tax and oil royalty, however the increase in Customs and exercise duty was marginal.
The distributable statutory revenue for the month is N317.562 billion. There is a proposed distribution of N64.812 billion being the exchange rate differential. The total revenue distributable for the current month including VAT is N462.359 billion.
Oil producing states also received a total sum of N2.505 billion being the 13 per cent Derivation for mineral oil.
He said that the Excess Crude Account (ECA) stood at $2.303 billion as at June 2017 while the Excess Petroleum Profit Tax (EPPT) has $0.067 billion for the same month.
Meanwhile, the Permanent Secretary disclosed that the Nigerian National Petroleum Corporation (NNPC) has completed its outstanding payments to the Federation account.
