By Gift Samuel
Abuja-The Federation Account Allocation Committee (FAAC) has distributed the sum of N462.359 billion to the Federal, State and Local Government Areas as the total revenue distributable for the Month of May 2017.
The total revenue distributable for the current month shows a significant increase from the previous month figure of N415.730 billion, with an average of N46.629billion
Disclosing this to News men after the FAAC meeting, the Permanent Secretary, Federal Ministry of Finance,Alh. Mahmud Dutse noted that in the distribution, the Federal government received N189.941 billion, state N128.891 billion, local government N96.646 billion, the sum of N26.963 billion was 13 per cent mineral revenue derivation for oil producing states while N19.918 billion was cost of collection and FIRS Refund, bringing the grand total to N462.359 billion
He stated that the gross revenue available from the Value Added Tax(VAT) was N79.985 billion as against N84.673 billion distributed in the preceding month, resulting in a decrease of N4.688 billion which was distributed thus; Federal Government N11.518 billion, State N38.393 billion, local government N26.875 and N3.199 billion was less 4% cost of collection, resulting in a total of N79.985billion.
According to him; “The slight drop in the average price of crude oil from $55.38 to $55.18 per barrel and a decrease in export volume by 1.023 million barrels, reduced oil revenue by $57.12 million.
“Crude oil production suffered due to leakages, sabotage, shut-ins and shut-downs at Terminals for maintenance and the Force Majoure declared at Forcados Terminal since February, 2016 subsisted. There were significant increases in revenues from Companies Income Tax and Oil Royalty, however, the increase in customs and excise duty was marginal” he added.
Dutse disclosed that there is a proposed distribution of #64.812 billion being the exchange rates differential. The total revenue distributable for the current Month (including VAT) is N462.359 billion.