FAAC: FG Shares N510.270 billion for the month of August 2016
A total of N510.270 Billion was shared between the Federal Government, State Government and Local Government as the Federal Allocation for the month of August 2016.
Addressing reporters at the end of the meeting, the Finance minister, Kemi Adeosun said the month's allocation showed a positive difference from last month's allocation by N16.442 Billion.
She attributed the increase to a slight improvement in collections from DPR and Federal Inland Revenue Service (FIRS)
N303.722 billion was shared as statutory fund; N72.924 as Value Added Tax(VAT); N84.263 billion as exchange gain.
An increase in the Federation Export sales revenue of $109.40Million as a result of the increase in average price of crudeoil from $42.21 in April to $46.06 per barrel in May, 2016.
Increase in Performance Price Tradeoff (PPT) collections was attributed to receipts from NPDC and Joint Venture Operators.
The sum of N6.330 billion was refunded by the Nigerian National Petroleum Corporation to the Federal Government.
The amount in the excess crude account (ECA) now stands at $2.917 billion dollars.
Also there is an exchange gain of N 84.263 Billion and N35 Billion from excess PPT proposed for distribution.
Details of the Statutory Revenue distributable for the month of August 2016 is as follow:
Federal Government received N149.310billion (52.68%)
States received N75.732billion (26.72%)
Local Government Councils received N58.386 billion (20.60%)
The breakdown of the Value Added Tax distribution for the month, is as follows:
Federal Government got N9.250 billion (15%)
States Government got N32.353 billion (50%)
Local Government Councils received N22.705 billion (35%).
A rise in the volume of dutiable imports contributed significantly to increase recorded by import Duty and VAT.
The Commissioner for Finance Edo state,John Inegbedion, said although the past few months had been hard on states but the economic plans put in place by the Federal Government has made state to look inwards to generate funds.
He also said that majority of states have resumed payment of salaries.