FAAC: FG, states, LGs share 429bn for February as revenue falls

The federal, states and local governments has received less allocation for the month of February. The Federal Accounts Allocation Committee, FAAC, shared N429.1227 billion amongst the three tiers – this sum is N36.022 billion less the N459.149 billion distributed in January.

Chairman of FAAC and Minister of Finance, Mrs. Kemi Adeosun read the communique of the meeting to the press at the end of FAAC meeting in Abuja on Tuesday.

In the communique, the fall in revenue is tied to decline in average Crude Oil prices from $49.57 to $44.74 per barrel during the period under review and leakages in pipelines arising from sabotage.
The Total Net Statutory allocation for February is N246.390 billion while that of January was N273.45 billion representing a decline of –N27.06 billion.

Federal government, states and local government took N117.581 billion, 59.639 billion and 45.979 billion respectively as against N133.192 billion, 67.557 billion and 52.083 billion allocated to federal, states and local government respectfully in January.

For the month under review, the Gross Revenue available from Value Added Tax, VAT, was N69.07 billion as against N73.522 billion distributed in January, this represent a decrease of –N4.315 billion.

The federal government received N9.966 billion as Value Added Tax, VAT, states N33.220 billion and local governments N23.254 billion.

Also, there is significant decline in revenues from Petroleum Profit Tax, PPT, Companies Income Tax, CIT, and Import and Excise duties and Oil Royalty. The sum of N6.330 billion was refunded by NNPC to the federal government.

The next FAAC meeting is proposed for Monday 24th and Tuesday 25th April 2017 at the Federal Ministry of Finance, Abuja.

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