The three tiers of government got more money in August as a total of N637.704 billion was distributed to them, against N467.852 billion shared in July, by the Federation Accounts Allocation Committee, FAAC.
A communiqué by the Office of the Accountant-General of the Federation, at the end of the meeting held Thursday in Abuja, showed that the gross statutory revenue received for the month is N550.992 billion. Kenechukwu Offie, director of Information, Office of the Accountant-General of the Federation, said the shared amount comprised the month’s statutory distributable revenue of N550.992 billion and the Value Added Tax, VAT, of N86.712 billion, making up N637.704 billion.
From Net Statutory Allocation, the Federal Government received N260.609 billion representing, 52.68 per cent; States received N132.184 billion, 26.72 per cent; Local Government Councils received N101.908 billion representing, 20.60 per cent; while the Oil Producing States received N41.977 billion,13; per cent derivation revenue.
From the Revenue available from VAT, the Federal Government received N12.487 billion, 15 per cent; States received N41.622 billion, 50 per cent, while the Local Government Councils received N29.135 billion, 35 per cent.
According to the statement, there was a decrease in the average price of crude oil from $51.05 to $50.44 per barrel and a significant increase in export volume by 0.85 million barrels, which resulted in increase revenue from export sales revenue by about $41million.
“There was also shut-in and shut-down of pipelines due to the activities of vandals as well as for maintenance which impacted negatively on production. Furthermore, the Force Majeure declared at the Forcadose terminal since February, 2016 was still in place,” said Offie.
The statement also said, “Significant increases were also recorded in Companies Income and Petroleum Profit tax while Import and Excise Duties and Value Added Tax recorded marginal increases.”
Meanwhile the balance of the excesses crude account is $2.309 billion.