Oscarline Onwuemenyi
30 September 2017, Sweetcrude, Abuja – The Accountant-General of the Federation, Mr. Ahmed Idris, at the end of the monthly Federal Accounts Allocation Committee (FAAC) meeting in Abuja, disclosed that the Federal Government, state and local governments shared a total of N637.704 billion in September.
Idris said the sum indicated a rise in the revenue shared by the three tiers of government of N169 billion for September compared to about N467.8 billion shared in August – inclusive of Value Added Tax (VAT).
“The total revenue statutory gross is N550.992 billion, there is also an element of a VAT of N86.712 billion making a total of N637.704 billion.
And this figure is distributed among the three tiers of government after deduction of the relevant cost of collection due to the revenue generating agencies,” Mr. Idris said.
He explained that the Federal Government garnered N263.609 billion from the gross statutory revenue, states received N132.184 billion and local governments received N101.908 billion.
The Accountant-General said there was derivation to the oil-producing states of N41.977 billion. An element of value-added tax that was generated to the tune of N86.712 billion which was distributed among the three tiers of government.
According to him, “The Federal Government got N12.87 billion; state governments N41.622 billion while the local governments got N29.135 billion, making a total of N83.244 billion after deduction of the cost of collection.
“The balance in the Excess Crude Account (ECA) stood at $2.309 billion as at September 27, 2017, adding that, there is also the excess Petroleum Profit Tax (PPT) of 68 million dollars.”
He explained that during the period under review, there was a decrease in the average price of crude oil from 51.05 to 50.44 dollars per barrel.
He stated that there was a significant increase in export volume by 0.85m barrels and an export sales revenue for the federation increased by 41 million dollars.
“The perennial challenges of shut-ins and shutdowns at terminals caused a minimal negative impact on crude oil operations during the period. There were significant increases in revenue from companies’ income and petroleum profit taxes. Also, import and excise duties and VAT recorded marginal increases,” he stated.
