FG, states, LGs, others shared N493.828bn in July —Ministry of Finance

A total of N493.828billion has been shared as Federal Allocation for the month of July 2016 by  the  federal, state governments and local government councils.

A statement issued on Friday by Mr. Kate Offie, Deputy Director of Press in the Federal Ministry of Finance, the figure is higher than the N443.663 previously reported from the communiqué issued at the end of the meeting of Federation Accounts Allocation Committee (FAAC) meeting on Thursday night.

Gross statutory revenue including solid minerals is N275.102 while the net allocation is N258.151billion. The gross value added tax is N66.987 billion and the total distributable revenue is N335.759 billion.

The shared amount comprised the Month’s Statutory revenue of N258.151 billion, Value Added Tax of N66.987 billion, Exchange gain of N70.037 billion, Exchange Gain differential claim of N36.494 billion for the month of May 2016, additional distribution of N50.165 billion from excess PPT and N1.373 billion as excess bank charges recovered from 2008 to 2012.

There was also a N6.330 billion refund to the Federal Government by Nigerian National Petroleum Corporation (NNPC).

Consequently, from statutory revenue, Federal Government received N129.212 billion (52.68%); States received N65.538 billion (26.72%); Local Government Councils received N50.527 billion (20.60%); while the Oil Producing States received N12.874 billion as 13% derivation revenue.

Lagos is yet to be included in the list of oil producing states to share the derivational revenue.

Furthermore, from the Revenue available from the Value Added Tax (VAT), Federal Government received N9.646 billion (15%); States received N32.154 billion (50%) while the Local Government Councils received N22.508 billion (35%) and less 4%cost of collection to FIRS.

Also the N50.165 billion from the Excess Petroleum Profits Tax is to be shared among the three tiers of Government according to the revenue allocation formula.

Federal Inland Revenue Service collected N6.056 billion representing four percent of its non-oil revenue collection for the month; Nigerian Customs Service (NCS) took N3.238 billion or seven percent of the total revenue its raked into the pool while Department of Petroleum Resources (DPR) took a share of N1.327 billlion.

The Communiqué from the FAAC sub-technical committee also explained that there was a decrease in the Volume of Crude oil export by 2.8 million barrels in April 2016 due to a subsisting Force Majeure at Forcadoss Terminal.

There was also a shut-in and shut-down of pipelines due to the activities of vandals as well as for maintenance which impacted negatively on production.