Federal Government and States shared N493.8bn for July

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.