A total of N462.359 billion has been distributed as Federal Allocation for the month of May 2017 to the Federal Government, State Governments and Local Government Councils.
This is contained in a communiqué issued by the Technical sub-Committee of Federation Accounts Allocation Committee (FAAC) at the end of the meeting held Thursday in Abuja.
The statement signed by the Ag. Accountant General of the Federation was made available to Daily Post by Mrs Kenechukwu Offie, Director of Information, OAGF.
It indicated that the gross statutory revenue of N317.562 billion received for the month is higher than the N274.110 billion received in the previous month by N43.452 billion.
It said, “The slight drop in the average price of crude oil from $55.38 to $55.18 per barrel and a decrease in export volume by 1.023 million barrels, reduced oil revenue by $57.12 million.
“Crude oil production suffered due to leakages, sabotage, shut-ins and shut-downs at Terminals for maintenance and the Force Majoure declared at Forcados Terminal since February, 2016 subsisted.
“There were significant increases in revenues from Companies Income Tax and Oil Royalty, however, the increase in customs and excise duty was marginal. The distributable Statutory Revenue for the Month is N317.562 billion.
“There is a proposed distribution of N64.812 billion being the exchange rates differential. The total revenue distributable for the current Month (including VAT) is N462.359 billion.
This is contained in a communiqué issued by the Technical sub-Committee of Federation Accounts Allocation Committee (FAAC) at the end of the meeting held Thursday in Abuja.
The statement signed by the Ag. Accountant General of the Federation was made available to Daily Post by Mrs Kenechukwu Offie, Director of Information, OAGF.
It indicated that the gross statutory revenue of N317.562 billion received for the month is higher than the N274.110 billion received in the previous month by N43.452 billion.
It said, “The slight drop in the average price of crude oil from $55.38 to $55.18 per barrel and a decrease in export volume by 1.023 million barrels, reduced oil revenue by $57.12 million.
“Crude oil production suffered due to leakages, sabotage, shut-ins and shut-downs at Terminals for maintenance and the Force Majoure declared at Forcados Terminal since February, 2016 subsisted.
“There were significant increases in revenues from Companies Income Tax and Oil Royalty, however, the increase in customs and excise duty was marginal. The distributable Statutory Revenue for the Month is N317.562 billion.
“There is a proposed distribution of N64.812 billion being the exchange rates differential. The total revenue distributable for the current Month (including VAT) is N462.359 billion.