FAAC: FG distributes 559.032 billion for June.

By Yetunde Verissimo, The Nigerian voice Abuja

A total of N559,032 Billion was distributed to the Federal Government, State Government and Local Government as the Federal Allocation for the month of June 2016.

In a Communique released by the Federation Accounts Allocation Committee showed the gross statutory revenue of N538.788 Billion received for the month was higher than N237.466 billion received in the previous month by N301.322 billion.

Crude oil export volume increased by 1.9million barrels in March, 2016 despite the subsisting Force Majeure declared at For capos Terminal, shut- in and shut - down of pipelines at other Terminals due to leakages, vandalism and turn around maintenance.

The average price of Crude Oil increased from $32.26 in February to $38.64 in march,2016 resulting in $92.99 million increase in Federation Export Revenue.

There was an outstanding increase in Companies Income Tax (CIT) and Petroleum Profit Tax (PPT) with complementary increases in import Duty and Royalty.

The new flexible exchange rate regime helped to boost revenue for the month.

The sum of N6.330 billion was refunded by the Nigerian National Petroleum Corporation to the Federal Government.

A distribution of N9.923 billion Solid Mineral Revenue was generated from 2007 to 2014.

Also there is an exchange gain of N 79.272 billion which is proposed for distribution.

The total revenue distributable for the current month, including Value Added Tax, is N559.032 billion.

The details of the Statutory Revenue distributable for the month of June 2016 is as follow:

Federal Government received N199.754billion (52.68%)

States received N101.318billion (26.72%)
Local Government Councils received N78.112 billion (20.60%)

Furthermore, for the month of June 2016, the gross revenue available for the Value Added Tax was N64.705 billion as against N62.511 billion distributed in the proceeding month, resulting in a increase of N2.194 billion.

The breakdown of the Value Added Tax distribution for the month, is as follows:

Federal Government got N9.250 billion (15%)
States got N32.353 billion (50%)
Local Government Councils received N22.705 billion (35%).