FAAC: Revenue drops as FG, States, LGs share July allocation

A total of N467.852 billion has been shared as Federal Allocation for the month of July 2017 by the Federal Government, State Governments and Local Government Councils.
According to the figures released by Office of the Accountant-General of the Federation, the gross statutory revenue of N387.319 billion received for the month was lower than the N570.584 billion received in the previous month by N183.266 billion.
The increase in the average price of crude oil from $50.27 to $51.05 per barrel and a significant increase in export volume by 1.20 million barrels resulted in increased revenue from export sales for the Federation by $62 million.
Despite the increases, there were issues of leaking flow lines, shut-ins and shut-downs at terminals for maintenance and the Force Majeure declared at Forcados Terminal since February 2016 subsisted.
There was a drastic fall in revenue from companies income tax due to the expiration of the deadline for filling returns.
Oil Royalty recorded a reasonable increase, but revenue from import and excise duties decreased slightly.
The distributable Statutory Revenue for the month thereafter is N387.852 billion.
The total revenue distributable for the current month, including Value Added Tax, is N467.852 billion.
Consequently, from Statutory revenue, the Federal Government received N181.451 billion (52.68%), States received N92.035 billion (26.72%), Local Government Councils received N70.955 billion (20.60%), while the Oil Producing States received N31.591 billion as 13 per cent derivation revenue.
The balance in Excess Crude Account as at August 22, 2017 is $2.303 billion, while the balance in PPT as at July 25, 2017 is $0.068 billion.