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FG, States, LGs share N415bn for April revenue as oil export improves

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FG, States, LGs share N415bn for April revenue as oil export improves

April 2017 revenue of N415billion was on Tuesday shared among the three tiers of government by the Federation Account Allocation Committee (FAAC).

FG, States, LGs share N415bn for April revenue as oil export improves

April 2017 revenue of N415billion was on Tuesday shared among the three tiers of government by the Federation Account Allocation Committee (FAAC).

This was revealed by the Minister of Finance, Mrs Kemi Adeosun, while giving the breakdown of how the revenue was shared, explaining that the gross statutory revenue of N274.210 billion received for the month, was lower than the N331.583 billion received in the month before by N57.473 billion.

Adeosun, who was represented by the Accountant General of the Federation, Ahmed Idris, however noted that there was a significant increase in Export Sales Revenue by about $63.69 million due to increase in the average unit price of crude from $55.86 to $55.38 per barrel and a rise in crude oil export volume by 1.07 million barrels.

According to the minster, the Federal Government received N136.633 billion; state governments got N103.842 billion, while the local governments received N77.112 billion including the Value Added Tax (VAT).

The minister further said that the Federal Inland Revenue Service (FIRS) received four per cent Cost of Collection from the N56.562 billion generated for the month, while Nigeria Customs Service took seven per cent cost of collection from the N43.468 billion generated in April 2017.

She said the Department of Petroleum Resources also received its four percent cost of collection from the N36.115 billion generated for the month and that the oil producing states received N22.640 billion being 13 percent derivations.

Despite the improvement, she said “production still suffered the potential setbacks. Leakages arising from sabotage and program maintenance led to shut-ins and shutdowns at terminals. The force majeure declared at Forcados terminal since February, 2016 was still in place.”

Excess Crude Account recorded $2.299 billion balance, while export petroleum profit tax had a balance of $67 million.

For the month, distributable statutory revenue was N272.115 billion. While the sum of N6.330 billion was refunded by the Nigeria National Petroleum Corporation (NNPC) to the Federal Government, there was a proposed distribution of N20.425 billion from excess petroleum profit tax (PPT) account as well as an exchange gain of N38.517 billion proposed for distribution, the minister also revealed.

Finance Commissioner’s Forum chairman, Mahmood Yunusa said during the occasion, “We expect that by next month there should be a remarkable improvement” adding that the states have been anxious.

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