January 2018 FAAC meeting ...FG, States, LGs share N655bn - aksu360


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January 2018 FAAC meeting ...FG, States, LGs share N655bn

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Nigeria's Minister of Finance, Kemi Adeosun
The Federation Account Allocation Committee has shared N655.17 billion to the three tiers of government as revenue for January 2018. Minister of Finance, Kemi Adeosun, said that the money was distributed under 4 distributable sub-heads. 

“The total statutory revenue for the month is N540.44 billion. It was made up as follows: Nigerian National Petroleum Corporation contributed N104.3 billion; DPR, N77.61 billion; Federal Inland Revenue Service collection from the oil sector is N88.37 billion; and N116.9 billion from the non-oil sector".

“We also generated N51.98 billion from the Nigerian Customs Service. There was also a refund of some excess bank charges to the tune of N1.93 billion. There was a deduction of seven per cent cost of collection to the customs, four per cent to the FIRS and another four per cent to DPR. There was also a provision for FIRS tax refund of N2 billion and another refund by Customs to the tune of N8 billion".

Adeosun said oil revenue continued to be impacted negatively due to the continued sabotage of oil pipelines in the Niger-Delta region and the declaration of Force Majeure at Bonny Terminal. She said: “The decrease in crude oil exports sales by 0.59 million barrels resulted in decreased revenue from export sales of 11.65 million dollars".

Adeosun said the Federal Government received N252.5 billion; States, N150.1 billion; and the local governments, N98.7 billion. She also said N47.7 billion was shared among the oil producing states, representing 13% of the oil revenue generated in the month of December 2017.

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