Home / Business / NNPC refunds N6.3bn as FG, States, LGs share N429bn February allocation

NNPC refunds N6.3bn as FG, States, LGs share N429bn February allocation

*FAAC gets improved export funds now

By Sandra Onyekwere

N429.127billion has been distributed as Federal Allocation for the month of February, 2017 to Federal Government, State Governments and Local Government Councils.

A communiqué issued by the Technical sub-Committee of Federation Accounts Allocation Committee (FAAC) at the end of the meeting held Tuesday in Abuja, indicated that the gross statutory revenue received for the month is N290.163billion, which is lower than the N324.990billion received in the previous month.

The shared amount comprised the Month’s Statutory distributable revenue of N258.692billion, Value Added Tax of N69.207billion, Exchange gain of N40.329billion and Excess PPT Account of N60.899billion.

There was also a N6.330billion refund to the Federal Government by Nigerian National Petroleum Corporation (NNPC).

Accordingly, from Net Statutory revenue, Federal Government received N117.581billion representing (52.68%); States received N59.639billion (26.72%); Local Government Councils received N45.979billion representing (20.60%); while the Oil Producing States received N23.191billion as 13% derivation revenue.

From the Revenue available from the Value Added Tax (VAT), Federal Government received N9.966 (15%); States received N33.220billion (50%) while the Local Government Councils received N23.254 (35%).

The communiqué further revealed that there was a revenue increase of $4.06million in Federation export sales due to a rise in the Crude oil export volume by 0.30million barrels.

There was, however, a decrease in the average price of Crude oil from $49.57 to $44.74 per barrel during the period under review.

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