09 December 2017, Sweetcrude, Abuja – The Federal, States and Local Government in October shared N532.7 billion which shows a decline of N25.3 billion when compared to what they shared in September.
The Permanent Secretary of the Ministry, Alhaji Mahmoud Isa-Dutse, said this in Abuja while briefing journalists on the outcome of the monthly Federal Account Allocation Committee (FAAC).
Isa-Dutse attributed the decline to the decrease in revenue from export sales of $42.94 million due to a decrease in crude oil production by 1.25 million barrels.
He noted that even though the average price of crude oil increased from $46.29 per barrel to $48.66 per barrel, it was not enough to make up for the loss in production.
“Some of the issues that impacted negatively on crude oil production were attributed to aging facilities which resulted in shut-ins and shut-downs of pipelines at various terminals for repairs and maintenance.
“Petroleum Profit Tax increased significantly while Import Duty and Value Added Tax improved only significantly.
Companies Income Tax and Oil Royalty recorded slight decreases in the month under review,” he said.
Mr. Isa-Dutse said after deductions as a cost of collection by Federal Inland Revenue Service (FIRS), the Nigeria Customs Service (NCS) and the Department of Petroleum Resources (DPR), the federal government received N205.7 billion, representing 52.68 percent; states and N104.3 billion, representing 26.72 percent.
According to him, the local governments received N80.4 billion, amounting to 20.60 per cent of the amount distributed.
Mr. Isa-Dutse further announced that N40.8 billion representing 13 per cent derivation revenue was also shared among the oil-producing states.
He said that the country generated N317.2 billion as mineral revenue and N124.4 billion as non-mineral revenue.
He said this showed an increase of N41.6 billion from what the country generated as mineral revenue and a decrease of N23.5 billion in non-mineral revenue from what was generated in the month of September.