A total of N652.229 billion has been distributed as Federal Allocation for the month of July, 2017 to the Federal Government, State Governments and Local Government Councils.
The communiqué issued by the sub-Committee of Federation Accounts Allocation Committee (FAAC) of the Office of the Accountant-General of the Federation, at the end of the meeting held Wednesday in Abuja, indicated that the gross statutory revenue received for the month is N570.584 billion and is higher than the N317.562 billion received in the previous month by N253.022 billion.
The shared amount comprised the Month’s Statutory distributable revenue of N570.584 billion and the Value Added Tax of N81.645 billion.
From Net Statutory Allocation, the Federal Government received N274.893 billion representing (52.68%); States received N139.429 billion (26.72%); Local Government Councils received N107.494 billion representing (20.60%); while the Oil Producing States received N29.894 billion as 13% derivation revenue.
Furthermore, from the Revenue available from the Value Added Tax (VAT), Federal Government received N11.757 billion (15%); States received N39. 190 billion (50%) while the Local Government Councils received N27.433 (35%).
The Communique further explained that there was a 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 resulted in decreased revenue from export sales revenue increased by about $183.68 million.
There was also shut-in and shut-down of pipelines due to the activities of vandals as well as for maintenance which impacted negatively on production.
Furthermore, the Force Majeure declared at the Forcados terminal since February, 2016 was still in place.
Significant increases were also recorded in Companies Income Tax being the peak period for its collection.