The Federal Account Allocation Committee (FAAC) Thursday distributed the sum of N386.879 billion to the three tiers of government for the month of November 2016 inclusive of Value Added Tax (VAT). The shared amount was less than the N420 billion shared in the previous month by N83.375.
Chairman of FAAC and Minister of Finance Mrs Kemi Adeosun who was represented by the Accountant General of the Federation Mr Ahmed Idris said the gross statutory revenue of N240.120 billion received for the month wss higher for the month for the monh was higher than the N238.716 billion received in the previous month by N1.404 billion. The federal government received N108.78 billion including Value Added Tax (VAT). State governments got N85.933, while the Local Government Areas received N63.677.
The VAT generated for the month was N75.579 billion of which N3.023 was deducted as cost of collection while the balance of N72.556 was shared accordingly. Nigerian Customs received N3.536 which is 7 percent cost of collection of a sum of N50.518 billion collected for the month.
While the Department of Petroleum Resources (DPR) took N1.213. Oil producing states also got the sum of N25.395 billion as 13 percent derivation of the total sum of N104.713 billion oil revenue for the month. Crude oil export volume decreased further by 0.34 million barrels while the average price of crude oil increased from $46.54 to $47.08 per barrel during the period under review. Federation export sales revenue declined by $14.74 million. A brief force majure was declared at Bonny Terminal while the force majure at force majure at Forcados, Qua Iboe and Brass Terminals were stills in place.
Federation revenue was low as a result of shut-in and shut-down of pipelines repairs and maintenance due to leakages and sabotage, however, companies income tax (CIT) and Value Added Tax recorded marginal increases.
The distributable statutory revenue for the month is N206.448 billion. The sum of N6.330 billion was refunded by NNPC to federal government. There is a proposed distribution of N66 billion from their excess petroleum profit tax account. Also, exchange gain of N38.853 billion is proposed for distribution. The total revenue distributable for the current month including (VAT) is N386.879 billion.
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