The total sum of N635.554 billion has been shared at the meeting of the Federation Account Allocation Committee FAAC among the Federal, States and Local Government Councils as revenue for the month of January 2018.
The communiqué issued by the sub -Committee of Federation Accounts Allocation Committee (FAAC) at the end of the meeting held today in Abuja, indicated that the gross statutory revenue received for the month is N538.908 billion and is lower than N540.446 billion received in the previous month by N1.538 billion.
The shared amount comprise the Month’s Statutory distributable revenue of N538.908 billion and the Value Added Tax of N96.646 billion making up the sum of N635.554 billion.
Accordingly, from Net Statutory Allocation, the Federal Government received N249.366 billion representing (52.68%); States received N126.482 billion (26.72%); Local Government Councils received N97.512 billion representing (20.60%); while the Oil Producing States received N52.042 billion as 13% derivation revenue.
Furthermore, the Revenue available from the Net Value Added Tax (VAT), Federal Government received N13.917 billion (15%); States received N46.390 billion (50%) while the Local Government Councils received N32.473 billion (35%).
The Communique further explained that there was an increase in the average price of crude oil from $56.83 to $57.71 per barrel and a decrease in export sales of 0.36 million barrels which resulted in decreased revenue from Export sales of $113.86 billion.
It further stated that other issues which negatively affected the Crude oil production were attributable to sabotage and brief force Majeure declared at Bonny Terminal which resulted in shut-in and shut-down of pipelines for maintenance and for repairs.
Furthermore, significant increases were recorded in VAT and Oil Royalty , while revenues from Import Duty recorded marginal increase.
Petroleum Profit Tax and Companies Income Tax decreases in the month under review.