The sum of N558.082 has been shared as FACC allocation among the Federal, States and Local Government Councils for the month of September 2017.
The communiqué issued by the sub -Committee of Federation Accounts Allocation Committee (FAAC) of the Office of the Accountant-General of the Federation, at the end of the meeting held today in Abuja, indicated that the gross statutory revenue received for the month is N423.961 billion and is lower than the N550.992 billion received in the previous month by N127.023 billion.
The shared amount comprise the Month’s Statutory distributable revenue of N423.961 billion and the Value Added Tax of N79.982 billion, making up N558.082 billion.
Accordingly, from Net Statutory Allocation, the Federal Government received N198.054 billion representing (52.68%); States received N100.456billion (26.72%); Local Government Councils received N77.447 billion representing (20.60%); while the Oil Producing States received N35.414 billion as 13% derivation revenue.
Furthermore, from the Revenue available from the Value Added Tax (VAT), Federal Government received N11.997 billion (15%); States received N39.991billion (50%) while the Local Government Councils received N27.994 billion (35%).
The Communique further explained that there was a decrease in the average price of crude oil from $50.44 to $46.29 per barrel and a significant increase in export sales of $176.4 million due to increase in oil production by 4.12 million barrels .However, activities at the Forcados terminal resumed for the first time since February 2016. Inspite of this there was also shut-in and shut-down of pipelines for maintenance and for repairs. Furthermore, significant increases were also recorded in Oil royalty, while Companies Income, Petroleum Profit tax, Import and Excise Duties and Value Added Tax recorded witnessed considerable decline.
Meanwhile the balance of the excess crude account is $2.309 billion.