FAAC shares N510.2bn for August

The Federation Accounts Allocation Committee (FAAC) on Tuesday distributed a total sum of N510.271 billion to beneficiaries for the month of August, 2016.

Minister of Finance and Chairman of FAAC, Kemi Adeosun who briefed reporters at the end of the monthly meeting of the committee which held inside the auditorium of the ministry said the amount was higher than the N493.8 billion shared in July.

Of the total amount, N303.722billion accrued from statutory sources while Value Added Tax contributed N72.9 billion.

Adeosun said crude oil volume increased by 2.2 million barrels in May despite the brief force majeure declared at Qua Know and Bonny terminals and a subsisting force majeure at Forcados Terminal.

“There was $109.40 million revenue increase in Federation export sales as a result of increase in average price of crude oil from $42.21 in April to $46.06 per barrel in May 2016.

“A rise in dutiable imports contributed significantly to the increases recorded by import duty and VAT. Increase in PPT collections was attributed to receipts from NPDC and joint venture operators. The flexible exchange rate regime helped to boost revenue for the current revenue including oil and gas royalty”, she disclosed.

As at Tuesday, a total of $2.916 billion was the balance in the excess crude oil account.