FG, States, LG share N652bn allocation for June 2017

Federal, States and Local government in the country have shared a total of N652.229 billion. The amount has been distributed as Federal Allocation for the month of June , 2017 to the tiers of governments in the federation.

A statement issued by the sub -Committee of Federation Accounts Allocation Committee (FAAC) of the Office of the Accountant-General of the Federation signed by Kenechukwu Offie (Mrs) Director Information, Office of the Accountant General of the Federation OAGF,
at the end of the meeting held in Abuja, said 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 of the Month of June Statutory distributable revenue of N570.584 billion and Value Added Tax of N81.645 billion.
From Net Statutory Allocation based on existing sharing formula, the Federal Government received N274.893 billion representing 52.68 per cent; States received N139.429 billion 26.72 per cent; Local Government Councils received N107.494 billion representing 20.60 per cent; while the Oil Producing States received additional N29.894 billion as 13 per cent derivation revenue.

Furthermore, from the Revenue available from the Value Added Tax (VAT), Federal Government received N11.757 billion 15 per cent; States received N39. 190 billion, 50 per cent while the Local Government Councils received N27.433 billion, 35 per cent.

The statement further said 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. 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.

It also said that 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 the statement said.