FAAC distributes N467.8bn for July

The Federation Account Allocation Committee (FAAC), on Tuesday said it distributed N467.852 billion to federal, states and local governments for the month of July.
The Federal Government took N193.048 billion, states collected N130.691 billion while local governments got N98.014 billion.
Nine oil producing states shared N31.591 billion representing 13 per cent derivation fund.
Out of the lot, the Federal Inland Revenue Service (FIRS) was given N14.508 billion as refund.
A communique of the meeting signed by Accountant General of the Federation, Mr. Ahmed Idris, noted that there was significant increase in export volume by1.2 million barrels and this resulted in increased revenue from export sales by $62 million.
“Despite the increases, there were issues of leaking flow lines, shut-ins and shut-downs at terminals for maintenance and the force majeure declared at Forcados Terminal since February, 2016 subsisted.
“There was a drastic fall in revenue from companies’ income tax due to the expiration of the deadline for filing returns.
“Oil royalty recorded a reasonable increase but revenue from import and excise duties increased significantly.”
Permanent Secretary in the Ministry of Finance, Dr. Isa Mahmoud Dutse explained that excess crude oil account stood at $2.3 billion while $ 0.068 billion was in the excess petroleum profit tax account.