Economy News

February Allocation Rises To N456.149bn – FAAC

February Allocation Rises To N456.149bn – FAAC
  • PublishedFebruary 22, 2017

The Federation Account Allocation Committee( FAAC) yesterday said that the sum of N456.149 billion was available for sharing as February allocation.

That was against last month’s figure of N400 billion . The total amount approved for sharing to three tiers of government indicated an increase of N65.149 billion above January allocation.

Addressing the media yesterday after closed door session by FAAC, Permanent Secretary in Ministry of Finance, Dr. Mahmoud Isa- Dutse, put the gross statutory revenue of the month under review at N324.990 billion, a figure he said was also higher than N248.635 billion of the previous month by N76.275 billion.

“There was revenue increase of $ 74.91 million in federation export sales due to a rise in crude oil export volume by 1.490 million barrels and an increase in the average price of crude oil from $47.30 to $49.57 per barrel during the period under review”.

However, the permanent secretary noted the federation account recorded increase in funds flow despite declaration of force majeure declared at Forcados, Qua Iboe and Brass terminal for repairs and maintenance due to leakages and sabotage.

Tax collection increased significantly while revenues from Companies Income Tax, Value Added Tax, import duty and royalty decreased slightly. For February, the distributable statutory revenue is N282.406 billion, the sum of N6.330bn refunded by NNPC to the Federal Government while the balance in Excess Crude Account ( ECA) stood at $2.458 billion.

Of the statutory revenue, Federal Government got the highest allocation in the sum of N133.192billion, states got N67.557billion while local government councils are to share N 52. 083billion . Oil producing states have sum of N20.620 billion as their 13 per cent derivation.


Source:New Telegraphy

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