The three tiers of government shared a total of N493.828billion for the month of July 2016. This was disclosed by the Office of the AccAccountant-General the Federation (OAGF) yesterday.
According to the figures made known by the OAGF Deputy Director of Press, Mrs. K.N. Offie, the gross statutory revenue including solid minerals was N275.102bn while the net allocation was N258.151bn. The gross value added tax was N66.987bn and the total distributable revenue was N335.759 billion.
“The shared amount comprised the Month’s Statutory revenue of N258.151 bn, Value Added Tax of N66.987bn, Exchange gain of N70.037bn, Exchange Gain differential claim of N36.494bn for the month of May 2016, additional distribution of N50.165bn from excess PPT and N1.373bn as excess bank charges recovered from 2008 to 2012. There was also a N6.330bn refund to the Federal Government by Nigerian National Petroleum Corporation (NNPC).
She stated that consequently, from statutory revenue, Federal Government received N129.212bn (52.68%); States received N65.538bn (26.72%); Local Government Councils received N50.527bn (20.60%); while the Oil Producing States received N12.874bn as 13% derivation revenue.
Furthermore, from the Revenue available from the Value Added Tax (VAT), Federal Government received N9.646bn (15%); States received N32.154bn (50%) while the Local Government Councils received N22.508bn (35%) and less 4%cost of collection to FIRS. Also the N50.165bn from the Excess Petroleum Profits Tax is to be shared among the three tiers of Government according to the revenue allocation formula.
The Communique 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 Forcadose 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.
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