FG, States, LGs share N655.17bn in January

The Federation Account Allocation Committee (FAAC) on Tuesday shared N655.17 billion to the three tiers of government as revenue for January.

The Minister of Finance, Mrs Kemi Adeosun, told newsmen on Tuesday in Abuja that the money was distributed under four distributable sub-heads.

According to Adeosun: “The total statutory revenue for the month is N540.44 billion.

“It was made up as follows: Nigerian National Petroleum Corporation contributed N104.3 billion; DPR, N77.61 billion; Federal Inland Revenue Service collection from the oil sector is N88.37 billion; and N116.9 billion from the non-oil sector.

“We also generated N51.98 billion from the Nigerian Customs Service.

“There was also a refund of some excess bank charges to the tune of N1.93 billion.

“There was a deduction of seven per cent cost of collection to the customs, four per cent to the FIRS and another four per cent to DPR.

“There was also a provision for FIRS tax refund of N2 billion and another refund by Customs to the tune of N8 billion.

“So the distributable revenue for the month is N655.17 billion, which includes VAT of N83.96 billion and N30.76 billion from the Forex Equalisation Account.”

Adeosun said oil revenue continued to be impacted negatively due to the continued sabotage of oil pipelines in the Niger-Delta region and the declaration of Force Majeure at Bonny Terminal.

She said: “The decrease in crude oil exports sales by 0.59 million barrels resulted in decreased revenue from export sales of 11.65 million dollars.

“However, the average price of crude oil increased from $52.07 to $56.83 per barrel during the period under review.

“There were also marginal increases in revenues from Petroleum Profit Tax and VAT, while Import Duty and Oil Royalty recorded decreases.”

To this end, Adeosun said the Federal Government received N252.5 billion; States, N150.1 billion; and the local governments, N98.7 billion.

She also said N47.7 billion was shared among the oil producing states, representing 13 per cent of the oil revenue generated in the month of December and shared in January.

Adeosun said the balance in the Excess Crude Account still remained $2.31 billion.