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FG, states, lgs share N420bn for September

A total of  N420 billion has been shared as federal allocation among the Federal Government, states and local government areas, for the month of September 2016.

According to the figures released by Office of the Accountant-General of the Federation, the gross statutory revenue of N279.746 billion received for the month was lower than the N315.045 billion received in the previous month by N35.299 billion.

Crude oil export volume decreased by 1.15 million barrels in June, 2016. The decrease caused a revenue decline of $45.52 million in federation export sales despite the increase in average price of crude oil from $46.06 per barrel in May, 2016 to $48.43 per barrel in June, 2016.

Force Majeure was declared at Bonny Terminal and there a subsisting Force Majeure at Forcados Terminal.

Shut-in and Shut-down of Pipelines for repairs and maintenance also contributed to the drop in revenue,  a statement made available to Sunday Tribune said.

Also, there were decreases in volume of dutiable imports, receipts from Joint Venture cash Call, Foreign Companies Income Tax (CIT) and Value Added Tax (VAT) which stood at N64.265 billion.

The distributable statutory revenue for the month is N250.947 billion. The sum of N6.330 billion was refunded by Nigerian National Petroleum Corporation (NNPC) to the Federal Government. There is a proposed distribution of N63.386 billion from the Excess PPT Account. Also, exchange gain of N41.402 billion is proposed for distribution.

The total revenue distributable for the current month  ( including VAT ) is N420.000 billion.

Consequently, from Statutory revenue,  Federal government received N120.351 billion (52.68%),  State governments received N61.044 billion (26.72%),  Local Government Councils received N47.062 billion (20.60%), while the Oil Producing States received N13.729 billion (13% of Mineral Revenue.