FAAC shares N462.359bn for May

Federation Account Allocation Committee (FAAC) meeting on Thursday distributed a total N462.359 billion to the three tiers of government for the month of May 2017

Acting Accountant General of the Federation, Muhammad Usman who addressed the press at the end of the monthly FAAC meeting said gross revenue of N317.562 billion was received for the month, which was higher than the N274.110 billion in April by N43.462 billion.

“The 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.

“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”, he disclosed.

However, there were significant increases in revenues from Companies Income Tax and oil royalty even though increase in customs and excise duties were marginal.

Distributable statutory revenue for the month was N317.562 billion in addition to N64.812 billion from exchange rate differentials.

In addition, N79.985 billion accrued from value added tax.

Federal Government was allotted N189.941 billion; states got N128.891 billion; while local governments were given N96.646 billion.

A sum of N26.963 was shared among the nine oil producing states while N19.918 was refunded to Federal Inland Revenue Service (FIRS) as cost of collection.

And after years of structured repayments, Usman announced that Nigerian National Petroleum Corporation (NNPC) has completely settled its indebtedness to the Federation Account.

The corporation, which earlier refunded the portion belonging to state and local governments later commenced payment to Federal Government on a monthly instalment of N6.7 billion.

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