FG, states share N465.149B FAAC revenue

The three tiers of Government have shared the sum of N 465.149 billion being federation generated revenue for the month of January 2017

The figure is N65.149 billion more than what was shared for December 2016.

Addressing journalists at the end of the FAAC meeting in Abuja on Tuesday, Permanent Secretary of the federal ministry of finance Alhaji Mahmoud Isa-Dutse noted that federation revenue increased despite the Force Majeure and shut-down of pipelines for repairs and maintenance due to leakages and sabotage.

Isa-Dutse added that Petroleum Profit Tax (PPT) collected increased significantly while revenues from Companies Income Tax (CIT), Value Added Tax (VAT), import duties and royalty decreased slightly.

For January, a total of N273.452 billion was shared as statutory allocation with the federal government pocketing N133.192 billion, state governments N67.557 billion, local governments councils N52.083 billion and N20.620 was disbursed as 13% derivation to oil mineral producing states.

From VAT proceeds, the federal government received N10.587 billion, state governments N35.291 billion and local government councils N24.703 billion.

The Permanent Secretary also disclosed that the Excess Crude Account (ECA) has the of $2.458 billion left in the account as at the time of addressing the press.