FG, states, LGs share higher revenue from federation account for January
Business

FG, states, LGs share higher revenue from federation account for January

FG, states, LGs share higher revenue from federation account for January

A total of N465.15 billion, an increase of about 30 per cent from the last amount has been shared among the Federal, 36 states and local governments as allocation for January 2017, on Tuesday.

A statement issued by the Federation Accounts Allocation Committee (FAAC) indicates that the gross statutory revenue received is N324.990 billion, which is higher by N76.275 billion (30 per cent) when compared with the N248.635 billion shared in the month of December, 2016.

The statement explained that the amount was made up of the January statutory distributable revenue of N282.406 billion. Other sources of the revenue included the Value Added Tax of N73.52 billion, the exchange gain of N48.371 billion and crude oil account, put at N60.850 billion.

There was also a N6.330 billion refund to the Federal Government by the Nigerian National Petroleum Corporation, NNPC, said the statement.

As has always been the case, the Federal Government received the lion share of 52.6 per cent, calculated at N133.192 billion; states received 26.7 per cent, put at N67.56 billion; local government councils received 20.6 per cent, amounting to N52.083 billion and the oil producing states received N20.620 billion as 13 per cent derivation revenue.

Read Also: TAX DEFAULT: Enugu clamps down on Access, Skye, Heritage, 5 other banks

Also from the revenue available from VAT, Federal Government got 15 per cent, being N10.587 billion (15 per cent); states received N35.291 billion, as 50 per cent, while the local government councils received 35 per cent, amounting to N24.703.

It was learnt that the relative peace in the Niger Delta region between December 2016 and January 2017 helped in ensuring increase of $74.91 million in federation export from rise in the volume of crude oil by 1.5 million barrels per day within the period.

 

RipplesNigeria ….without borders, without fears

Click here to download the Ripples Nigeria App for latest updates

Join the conversation

Opinions

About the author

Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com

Do NOT follow this link or you will be banned from the site!
/* ]]> */