By Gift Samuel, The Sight News
Abuja-The Federation Account Allocation Committee (FAAC) has disbursed the sum of N652.229 billion to the Federal,States and Local Government Areas for the Month of June 2017.
The Accountant General of the Federation (AGF) Ahmed Idris who announced this after the FAAC meeting, said that the gross statutory revenue for June was N570.584 billion, pointing out that it was N253.022 billion higher than N317.562 billion which was shared in the previous month.
The AGF who represented the Minister of Finance, Mrs. Kemi Adeosun, while giving the breakdown of the Grand Total, said the Federal Government got N286.650 billion, states recieved N178.619 billion while the 774 local governments were allocated N134.927 billion.
Furthermore,he revealed that non- mineral revenue increased by N181.2 billion from N157.5 billion in May to N338.8 billion in June, adding that N29.894 billion was shared to oil- producing states as their 13 per cent oil derivation, while Federal Inland Revenue Service (FIRS) refund stood at N22.140 billion.
The AGF also disclosed that the decrease in the average price of crude oil from $55.18 to $50.27 per barrel and a significant decrease in export volume by 3.20 million barrels resulted in decreased revenue from export sales for the federation by $183.68 million.
According to him; “Crude oil production suffered due to leakages, shut-ins and shut-downs at terminals for maintenance as the force majeure declared at Forcados Terminal since February 2016 subsisted.
“There were significant increases in Companies Income Tax (CIT) being the peak period for its allocation and PPT. Also VAT, import and excise duties recorded marginal increases,” he said.
He also noted that the Excess Crude Account (ECA) stands at $2.303 billion while the Excess Petroleum Profit Tax (PPT)stands at $68 million.
While speaking on the status of Lagos State as an oil producing state, the AGF said Lagos State has been identified as an oil producing state and will be entitled to 13 per cent of whatever value of oil is obtained from the state.
The Federation Account Allocation Committee meets every month to collate and distribute federation revenue to the three tiers of government.