FAAC: Revenue Declined by N33.1b in November

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(Last Updated On: 2016-12-16)

 

The revenue available for sharing by Nigeria’s federal, states and local governments in November declined by N33.1 billion, the minister of Finance, Mrs Kemi Adeosun has said

Thus, N386.9 billion was distributed to all tiers of government compared to the N420 billion shared in October.

Adeosun who was represented by the Accountant-General of the Federation, Mr Idris Ahmed on Thursday in Abuja, attributed the decline to the decrease in crude oil export by 0.34 million barrels per day even though the average price of crude oil increased from 46.54 dollars to 47.08 dollars per barrel in November.

“A brief force majeure was declared at Bonny Terminal while the force majeure at Forcados, Qua Iboje and Brass Terminals were still in place.

“Federation’s revenue was low as a result of shut-in and shut-down of pipelines for repairs and maintenance due to leakages and sabotage. However, companies’ income tax and VAT recorded marginal increases,” she said.

Giving a breakdown of how the N386.9 billion revenue for the month was generated, Adeosun said N206.44 was from the distributable Statutory Revenue of the month.

The sum of N6.33 billion was refunded by the NNPC to the Federation, N66 billion from the Excess Petroleum Profit Tax account, exchange gain of N38.85 billion and Value Added Tax, N75.6 billion.

In summary, Adeosun said after deductions as cost of collection by FIRS, Customs and DPR, the Federal Government received N97.9 representing 52.68 per cent; states and N49.6 billion, representing 26.72 per cent. (NAN)

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