Posted on Wed 24 May 2017, 02:16 PM

The Nigerian Government says N415.730 billion has been distributed to the Federal, State and Local Government as revenue collected for the month of April 2017.

Accountant General of the Federation, Ahmed Idris, disclosed this when he briefed newsmen on the outcome of the Federation Account Allocation Committee (FAAC) meeting in Abuja, the nation’s capital. He was representing the Minister of Finance, Kemi Adeosun.

The Sum represents the allocation due to the Federal, States and Local Governments for the month under review.
Idris said that the gross statutory revenue of N274.210 billion received for the month was lower than the N331.583 billion in the previous month by N57.473 billion.

On Monday, the National Bureau of Statistics said the country’s economy has contracted again for the fifth consecutive quarter
The contraction, which comes despite a steady decline in the country’s inflation rate means the country, is still in a recession.
According to data from the country’s Bureau of Statistics, the nation’s Gross Domestic Product (GDP) in the first quarter of 2017 contracted by 0.52% (year-on-year).

This is 0.15% higher than the rate recorded in the corresponding quarter of 2016 (revised to –0.67% from –0.36%)

However, the Accountant General of the Federation said there was a significant increase in Export Sales Revenue by about $63.69 million due to the increase in the average unit price of crude from $55. 38 to $55. 86 per barrel and a rise in crude oil export volume by 1.07 million barrels.

He said, “Despite the improvement, production still suffered the perennial setbacks.

“Leakages arising from sabotage and programmed maintenance led to shut-ins and shut-downs at terminals. The force majeure declared at Forcados terminal since February 2016 was still in place.

“The distributable statutory revenue for the month is N272.115 billion. The sum of N6.330 billion was refunded by the Nigeria National Petroleum Corporation (NNPC) to the Federal Government. There is a proposed distribution of N20.425 billion from excess petroleum profit tax (PPT) account.

“Also, exchange gain of N38.517 billion is proposed for distribution.

“The total revenue distributable for the current month including VAT is N415.730.”

The breakdown of the allocation shows that the Federal Government received N136.633b, State Governments got N103.842b while the Local Governments received 112b including the Value Added Tax (VAT).

The Federal Inland Revenue Service, FIRS received 4 percent Cost of Collection from the N56.562 billion generated for the month.

Nigeria Customs Service also took 7 percent cost of collection from the N43.468 billion generated in April 2017.
The Department of Petroleum Resources also got its 4 percent cost of collection from the N36.115 billion generated for the month.

The oil producing states also received N22.640 billion being the 13% mineral revenue derivation of N174.151 billion generated from the sale of crude oil.

Total amount in the Excess Crude Account, according to the Accountant General of the Federation, stood at $2.299 billion as at May 23, 2017. While the Excess Petroleum Profit Tax, EPPT also stood at$67 million.

 

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