FAAC shares N652bn to FG, States, LGs for June

A total of N652.229 billion has been distributed as Federal Allocation for the month of June , 2017 to the Federal, State and Local Government Councils. Th e communiqué issued by the sub -Committee of Federation Accounts Allocation Committee (FAAC) of the Offi ce of the Accountant-General of the Federation, at the end of the meeting held yesterday in Abuja, indicated that the gross statutory revenue received for the month is N570.584 billion and is higher than the N317.562 billion received in the previous month by N253.022 billion.

Th e shared amount comprised the Month’s Statutory distributable revenue of N570.584 billion and the Value Added Tax of N81.645 billion. Accordingly, from Net Statutory Allocation, the Federal Government received N274.893 billion representing (52.68%); States received N139.429 billion (26.72%); Local Government Councils received N107.494 billion representing (20.60%); while the Oil Producing States received N29.894 billion as 13% derivation revenue. Furthermore, from the Revenue available from the Value Added Tax (VAT), Federal Government received N11.757 billion (15%); States received N39. 190 billion (50%) while the Local Government Councils received N27.433 (35%).

Th e Communique further explained that there was a decrease in the average price of crude oil from $55.18 to $50.27 per barrel and a signifi cant decrease in export volume by 3.20 million resulted in decreased revenue from export sales revenue increaseby about $183.68 million. Th ere was also shut-in and shutdown of pipelines due to the activities of vandals as well as for maintenance which impacted negatively on production.

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