FAAC to set new revenue reporting template, disburses N715bn for July

The Federation Accounts Allocation Committee (FAAC) said the revenue reporting template for the Nigerian National Petroleum Corporation (NNPC) and other members of the revenue sharing committee would soon be ready.

Finance Minister Kemi Adeosun made known on Thursday in Abuja while briefing journalists at the end of the FAAC meeting.

“We are working with the Department of Petroleum Resources (DPR), the office of Accountant General of the Federation (OAGF), NNPC and all the stakeholders to develop a new template,” the minister said.

In July, President Muhammadu had ordered a review of the reporting template for the NNPC in a bid to put an end to the controversy over non-remittance of accurate revenue figures by the NNPC to FAAC.

Meanwhile, the FAAC has disbursed a total of about N714.8 billion as revenue generated in the month of July.

The allocation was shared to the three tiers of government, comprising the Federal Government, 36 States, 774 Local Government Areas and the Federal Capital Territory (FCT), Abuja.

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When compared with the amount generated in the previous month, the figure dropped by N107.1 billion.

“Crude oil export sales volume was 3.74 million barrels showing ab increase of about 0.17 million barrels when with compared with the previous month sales of 3.57 million barrels.

“Despite the improved revenue, production was negatively impacted in the period by shut-ins and facility shut-downs at various terminals for repairs and maintenance of aging facilities.

“The value added tax (VAT), import duty, company income tax (CIT) and oil royalty decreased, while petroleum profit tax recorded an increase,” the minister said.

Adeosun, while giving the breakdown, said the federal government got about N269.8 billion, in addition to about N11.9 billion from VAT, while the state governments received N136.9 billion and N38.3 billion from VAT

The local government councils were allocated N105.5 billion, apart from N26.8 billion VAT, while the oil producing states collected N44.96 billion as 13 percent derivation revenue for the month.

The minister said about N25 billion was transferred to the excess crude oil revenue account, leaving a balance of about $2.33 billion in the account, while excess petroleum profit tax (PPT) account currently holds about $133 million.

 

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