FAAC shares ₦714.8bn for July

BENEFICIARIES of Federation Account on Thursday shared a total of ₦714.809 billion for the month of July 2018.

Briefing journalists at the end of the Federation Account Allocation Committee (FAAC), Mrs Kemi Adeosun disclosed that work was nearing completion on the new reporting template for Nigerian National Petroleum Corporation (NNPC) as ordered by President Muhammadu Buhari following the standoff between states and the oil company.

Federation account received gross statutory revenue of ₦597.975 billion, which was lower than the ₦694.672 billion received the previous month by ₦96.697 billion.

“Crude oil export sales volume was 3.74 million barrels resulting in an increased revenue from federation crude oil exports sales by 0.17 million barrels when compared with the previous month’s sales volume of 3.57 million barrels.

“Despite the improved revenue, production was negatively affected in the period by shut-ins and shut-downs at various terminals for repairs and maintained of ageing facilities.

“The value-added tax (VAT), import duty, companies income tax (CIT), and oil royalty decreased while petroleum profit tax (PPT) recorded an increase”, Adeosun disclosed.

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Communique of the meeting also showed that a total of ₦79.807 billion was received as VAT as against ₦85.343 billion distributed in the precedence month.

NNPC was made to also remit additional ₦12 billion.

At the end, Federal Government got ₦298.288, states shared ₦183.773 billion while 774 local governments shared ₦138.964 billion.

In addition, the nine oil producing states shared ₦49.777 billion while Federal Inland Revenue Service (FIRS) got ₦44.007 billion to refund to taxpayers who made excess tax remittances.

Adeosun added that ₦25 billion was transferred into excess crude oil account thus bringing the account balance to $2.332 billion.