FAAC: FG, States Share N400b

The Federal Government, 36 states of the Federation and the Federal Capital Territory, Abuja are to share N400 billion for the month of December 2016, according to Minister of Finance, Kemi Adeosun

 She said the December 2016 allocation of the Federation Account Allocation Committee (FAAC) is N400 billion while $65.4 million was lost to oil vandals.

While disclosing that the allocation was N13.1 billion more than the revenue for November 2016, she said the N400 billion was distributed under “four distributable sub-heads”, namely, statutory allocation with the sum of N224.88 billion; Value Added Tax with N79.27 billion, exchange gain of N52.84 billion and excess Petroleum Profit Tax with N42.99 billion.

From the statutory allocations, the Federal Government got N105.76 billion, states N53.64 billion and local government councils N41.35 billion while N15.5 billion went to oil producing states based on the 13 per cent derivation principle.

According to the Minister, the FG got N11.4 billion from VAT allocation, while states N38 billion while Local Government Councils got N26.63 billion.

She said that the federation generated N145.6 billion as mineral revenue and N103.1 billion as non-Mineral revenue, while the excess crude account now has a balance of $2.45 billion.

Adeosun said that the Force Majeure at Forcados, Qua Iboe and Brass terminals was still impacting negatively on revenue generation.

She added that there was revenue decline of 65.4 million dollars in oil export sales due to a drop in production volume of 1.39 million barrels.