FG, States, LGs share N386bn for November

A sum of N386.879 billion was disbursed as Federal Allocation for November 2016 for the Federal Government, State Governments and Local Government Councils of the federation.

The figure was released after the meeting of the monthly Federation Account Allocation Committee (FAAC) in Abuja on Thursday.

According to figures released by Office of the Accountant General of the Federation (OAGF), the gross statutory revenue of N240.120 billion received for the month was higher than the N238.716 billion received in the previous month by N1.404 billion.

According to a statement signed by the Director Information (OAGF), Mrs Kenechukwu Offie noted that 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.

The statement also noted that the Federation export sales revenue declined by about $14.74 million.

The Office explained that the Federation revenue was low as a result of Shut-in and Shut-down of Pipelines for repairs and maintenance due to leakages and sabotage, “However, Companies Income Tax (CIT) and Value Added Tax (VAT) recorded marginal increases,” it added.

“The distributable Statutory Revenue for the month is N206.448 billion, while the sum of N 6.330 billion was refunded by NNPC to FGN.

“The total revenue distributable for the current month (including VAT) is N 386.879 billion.

“Consequently, from Statutory revenue, Federal Government received N97.897 billion (52.68%); States received N49.655billion (26.72%); Local Government Councils received N38.282 billion (20.60%); while the Oil Producing States received N13.613 billion as 13% derivation revenue.”