FAAC: FG, States, LGs share N510bn in August

The Minister of Finance, Mrs Kemi Adeosun, on Tuesday in Abuja, said N510.2 billion was shared among the federal, states and local governments as revenue realised in August.

She made the disclosure while addressing a news conference on the outcome of the Federation Account Allocation Committee (FAAC).

The amount is higher than the N493.6 billion shared in July by N16.6 billion.

The minister said that during the month, N315 billion was generated as statutory distributable revenue, adding that this was higher than the N287.8 billion received in the previous month by N27.22 billion.

She added that “the sum of N6.3 billion was refunded to the Federation Account by Nigerian National Petroleum Corporation (NNPC).

“There is a proposed distribution of N35 billion Excess Petroleum Profit Tax.

“Also, there was the exchange gain of N84.2 billion proposed for distribution.’’

She also said that Value Added Tax (VAT) was N75.9 billion as against N66.9 billion generated in July, indicating an increase of N8.9 billion.

She added that mineral revenue for the month was N158.7 billion, while that of July was N119.4 billion, while non-mineral revenue for August was N156.3 billion and that of July was N168.4 billion.

Giving the breakdown of revenue among the three tiers, Adeosun said that the Federal Government received N187.3 billion, representing 52.68 per cent, while states got N95.0 billion, representing 26.72 per cent.

Local governments, she said, received N73.2 billion, amounting to 20.60 per cent of the amount distributed, while N18.4 billion, representing 13 percent derivation revenue was shared among oil producing states.

According to her, crude oil export volume increased by 2.2 million barrels in May in spite of the brief Force Majeure declared at Qua Iboe and Bonny Terminals.

She also said that there was 109 million dollars revenue increase in federation export sales as a result of the increase in average price of crude oil from 42.2 dollars in April to 46.0 dollars per barrel in May.

She said there was a rise in dutiable imports which contributed significantly to the increase recorded by import duty and VAT.

The minister said that the balance of the excess crude account stood at 2.91 billion dollars.