Paschal Emeka, Abuja
The revenue shared by the three tiers of government for the month of September dropped by a whopping N90.270 billion.
The Committee Thursday in Abuja distributed a total of four hundred and twenty billion three hundred and thirty naira to the three tiers of government (N420.0) inclusive of the Value Added Tax, VAT.
Minister of Finance and Chairman of FAAC, Mrs Kemi Adeosun, represented by the Permanent Secretary of the Ministry Mahmoud Isa-Dutse , who gave the breakdown said that gross statutory revenue of N279.746 billion for the month of September 2016.
The N279.746 received for the month was lower than the N315.045 billion received in the previous month by N35.299 billion.
A breakdown if the net statutory allocation showed that the federal government got N120.351 billion representing 52.68 percent, States got 61.044 billion representing 26.72 percent while the local government councils received N47.062 billion representing 20.60 percent.
Also shared was N13.729 billion which is the 13 percent derivation for oil producing states.
There was also a shortfall of N11.697 billion in the amount received as Value Added Tax compare to the N72.924 billion received in August.
Crude oil export volume decreased by 1.15 million barrels in June, 2016 adding that the decreased caused a revenue decline of $45.43 per barrel in June, 2016.
Force Maurice was declared at Bonny terminal and there was a subsisting force Maurice at Forcados terminal. Shut-in and shut-down of pipelines for repairs and maintenance also contributed to the drop in revenue.
Moreso, there were decreases in volume of dutiable imports, receipts from Joint Venture Cash Call, foreign companies income tax (CIT) and Value Added Tax (VAT).
Accordingly, the distributable statutory revenue for the month was N250.947 billion.
The sum of N6.330 billion was refunded by NNPC to FGN. There was a proposed distribution of N63.386 billion from the Excess PPT Account.
Exchange gain of N41.402 billion was proposed for distribution bringing the total revenue distributable for the current month including VAT to N420.000 billion.
The Excess Crude Account stands at $2.454 billion.
