Nigerian Best Forum . NBF

SOCIETY, BUSINESS and ECONOMY => BUSINESS and ECONOMY => Topic started by: cooljoe on July 26, 2017, 03:05:44 AM

Title: Fed Govt, States Lgs Share N652. 229b
Post by: cooljoe on July 26, 2017, 03:05:44 AM
A week after the Paris Club refund was disbursed, the three tiers of government yesterday shared a windfall of N652.229 billion as statutory revenue for this month.

Of the N652.229  billion shared, the Federal Government got the lion share of N286.650 billion, states-N178.619 billion and local government councils-N134.927 billion.

Oil producing states got N29.894 billion as 13 per cent derivation.

The Accountant-General of Federation, Alhaji Idris Ahmed released the figures yesterday in Abuja at the end of the monthly Federation Account Allocation Committee (FAAC) meeting.

He put statutory revenue received during the month at N570,584 billion which was higher than N317.562  billion received in previous month by N253.022  billion.

?The 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 barrels, resulted in decreased revenue from export sales for the federation by $183.68 million,? he said.

He lamented that ?crude oil production suffered due to leakages, shut-ins and shut downs at terminals for maintenance and force majeur declared at Forcados terminal since February being subsisted.?

?There were significant  increases in Company Income Tax (CIT) being the peak period for its collection and Petroleum Profit Tax (PPT). Also Value Added Tax (VAT), import and excise duties recorded marginal increases,? Ahmed said.

Asked if Lagos state has started enjoying 13 per cent derivation principle as one of oil producing states, Ahmed said: ?Lagos is already being identified as oil producing state, the first hurdle has been crossed. The relevant agencies to determine the quantity of oil that is being produced from Lagos is working round the clock. We are on course; Lagos already knows its position.?