FAAC: FG, States, LGs Share N422.6bn For August

SAN FRANCISCO, September 23, (THEWILL) – The federal government, states and local governments will share N422.26 billion as revenue for the month of August, the Permanent Secretary, Ministry of Finance, Mrs. Anastasia Nwaobia, said Tuesday in Abuja.

For the month of July, N511.7 billion revenue was shared.

Nwaobia, who spoke to journalists after the Federation Accounts Allocation Committee (FAAC) meeting, said the shared amount comprised of the month’s net statutory revenue of N369.1 billion.

“Also, there is the exchange gain of N4.9 billion which is proposed for distribution.

“Therefore, the total revenue distributable for the month of August, including Value Added Tax (VAT) of N62.1 billion, is N442.6 billion,” she said.

Nwaobia said N6.3 billion was refunded to the federation by Nigerian National Petroleum Corporation (NNPC) and was also proposed for sharing.

The current balance in the Excess Crude Account was unchanged at $2.25billion, she stated.

“The Shut down and Shut-in of production for maintenance at different times and terminals during the month of July were the major issues that negatively impacted crude oil revenue.

“Also, there was revenue loss of 8.6 million dollars as a result of drop in average price of crude oil from 61.2 dollars per barrel to 56.7 dollars in July, 2015,” she said.

In other matters, Nwaobia said that N12.5 billion was refunded to the Federal Inland Revenue Service because they were over deducted.