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FG, States, LGs Share N420b In September

monthly-allocation

By Modupe Gbadeyanka

The sum of N420 billion was shared in September by the Federal, States and Local Governments, the Ministry of Finance has disclosed.

Addressing newsmen in Abuja, chairman of the Federation Accounts Allocation Committee (FAAC), Mr Mahmoud Isa Dutse, who is the Permanent Secretary in the Ministry of Finance, explained that the amount shared in September was short by N35.3 billion compared with the amount in August.

Mr Dutse, who represented the Minister of Finance, Mrs Kemi Adeosun, disclosed that the gross statutory revenue of N279.746 billion received for the month was lower than the N315. 045 billion received in the previous month by N35.299 billion.

In his analysis, crude oil export volume decreased by 1.15 million barrels in June, ‎2016, which was mainly due to revenue decline of $45.52 million in Federation export sales despite the increase in average price of Crude Oil from $46.06 per barrel in May, 2016 to $48.43 per barrel in June, 2016.

Mr Dutse also said there were decreases in volume of dutiable imports, receipts from Joint Venture Cash Call, Foreign Companies Income Tax (CIT) ‎and Value Added Tax (VAT).

According to him, Force Majeure ‎was declared at Bonny Terminal and there was a subsisting Force Majeure at Forcados Terminal. Shut-in and shut-down of Pipelines for repairs and Maintenance also contributed ‎to the drop in revenue.

He said the distributable statutory revenue for the month was N250.947 billion, while N6.330 billion ‎was refunded by NNPC to Federal Government.

Mr Dutse declared that the total revenue distributable for the current month (including VAT) is N420 billion.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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