FG, STATES, LGs SHARE N429.127 BILLION AS FEBRUARY 2017 ALLOCATION

The Federal Government, States and Local Government Councils have shared a total of N429.127 billion federal revenue generated for the month of February 2017. The N429.127 billion was lower than the N465.149 shared in January by N36.022 billion. 

A communiqué read by the Chairman of the Federation Account Allocation Committee (FAAC), the Minister of Finance, Mrs. Kemi Adeosun, showed that the gross statutory revenue of N290.163 billion was received in February 2017. This was lower than the N324.990 received in January 2017 by N34.827. 

The distributable statutory revenue for the month was N258.692 billion. The sum of N6.330 billion was refunded by NNPC and N60.899 billion was available from the Excess PPT Account. There was also the exchange gain of N40.329 billion. These, together with the revenue from the Value Added Tax, made up the total distributable revenue for the month. 

She announced that from the distributable statutory revenue of N258.692 billion, statutory deductions were made to the FIRS, NCS and DPR, resulting in net statutory revenue of N246.390 billion. From this amount, the federal government got N117.581 billion (52.68%) against the N133.192 billion it got in January. The States got N59.639 billion (26.72%) as against N67.557 billion they got in the previous month and the Local Governments got N45.979 billion (20.60%) and against N52.083 billion in the previous month. The oil producing states got N23.191 billion as 13 % derivation revenue as against N20.620 billion they got in January. 

For the month of February 2017, the gross revenue available from the Value Added Tax (VAT) was N69.207 billion as against the N73.522 billion in the previous month, resulting in a decrease of N4.315 billion. From this amount, the Federal Government got N9.966 billion (15%) as against N10.587 billion the previous month, State Governments got N33.220 billion (50%) as against N35.291 billion the previous month and Local Governments got N23.254 billion (35%) as against N24.703 billion the previous month. 

The Minister said that there was revenue increase of $4.06 million in federation export sales due to a rise in Crude Oil export volume by 0.30 million barrels, although average price of Crude Oil fell from $49.57 to $44.74 per barrel during the period under review.  There were also significant decreases in revenues from Petroleum Profit Tax (PPT), Companies Income Tax (CIT), as well as Import and Excise Duties and Oil Royalty.