*Excess Crude Account now $2.299bn, Excess PPT account $67m
28 May 2017, Sweetcrude, Abuja — A total of N415.730 billion has been distributed as Federal Allocation for the month of April 2017 by the Federal Government, State Governments, and Local Government Councils.
The communiqué issued by the sub-Committee of Federation Accounts Allocation Committee (FAAC) of the Office of the Accountant-General of the Federation, at the end of the meeting held in Abuja, indicated that the gross statutory revenue received for the month is N248. 110 billion, which is lower than the N331.583 billion received in the previous month by N54.473 billion.
The shared amount comprised the Month’s Statutory distributable revenue of N272.115 billion, Value Added Tax of N81.286 billion, Exchange gain of N38.517 billion and Excess PPT Account of N20.425 billion.
There was also an N6.330 billion refund to the Federal Government by Nigerian National Petroleum Corporation (NNPC).
Accordingly, from Net Statutory Allocation, the Federal Government received N124.444 billion representing (52.68%); States received N63.119 billion (26.72%); Local Government Councils received N48.662 billion representing (20.60%); while the Oil Producing States received N22.640 billion as 13% derivation revenue.
Furthermore, from the Revenue available from the Value Added Tax (VAT), Federal Government received N12.193 (15%); States received N40.643 billion (50%) while the Local Government Councils received N28.450 (35%).
The Communique further explained that there was a significant increase in Export Sales revenue by about $63.69 million due to increase in average unit price of crude oil from $52,86 to $55.38 per barrel and a rise in crude oil export volume by 1.07 million There was, however, a decrease in the average price of Crude oil production during the period under review.
This was largely due to a shut-in and shut-down of pipelines due to the activities of vandals, as well as for maintenance which impacted negatively on production.
Furthermore, the Force Majeure declared at the Forcados terminal since February 2016 was still in place.
*Nigerian govt press release