FAAC: Federation records N65.14bn revenue boost

The Federation Account Allocation Committee (FAAC) on Tuesday shared N465.1 billion which is N65.14 billion more than what the three tiers of government shared as revenue in January.
Finance Minister, Mrs Kemi Adeosun, represented by the Permanent Secretary of the ministry, Mr Mahmoud Isa-Dutse, said the N465.1 billion was distributed under four distributable sub-heads.
“Federation revenues increased despite the Force Majeure and the Shut-Down of pipelines for repairs and maintenance due to leakages and sabotage.
“There was revenue increase of 74.91 million dollars in federation export sales due to a rise in crude oil export volume by 1.490 million barrels. Also average crude oil prices increased under the period under review.
“Petroleum Profit Tax collection has also increased significantly while revenues from Company Income Tax, VAT, Import Duty and Royalty decreased slightly,” she said.
Adeosun said that the Gross Statutory Revenue of N324.9 billion generated for the month was higher than the N248.6 billion generated in the preceding month.
Adeosun said that N73.5 billion was generated as Value Added Tax, Exchange Gain, N48.37 billion and excess Petroleum Profit Tax of N60.8 billion.
The minister said after deducting cost of collections to the revenue generating agencies, the Federal Government got N133.1 billion; states N67.5 billion, and local governments N52.08 billion.
In addition, she said N20.62 billion was given to the oil producing states as 13 per cent derivation fund.
For VAT allocation, Adeosun said the Federal Government received N10.58 billion; states, N35.29 billion while local governments got N24.7 billion.
Adeosun said that the federation generated N203.5 billion as Mineral Revenue and N121.4 billion as non-Mineral revenue.
On the balance of the Excess Crude Account, the minister said it currently stood at 2.45 billion dollars.
Also, the Chairman, Forum of Finance Commissioners in Nigeria, Mr Mahmoud Yunusa, said that states were determined to keep improving their internally generated revenue.