From Uche Usim, Abuja The Federal Accounts Allocation Committee (FAAC) Tuesday revealed that the three tiers of government shared N467.852 billion as against July figure of N652.229 billion they got in July.
The crash in shared revenue also reflected in gross statutory revenue received for the month which dropped by N183.266 billion to N387.319 billion compared to N570.584 billion received in previous month. The Permanent Secretary, Ministry of finance, Dr. Mahmoud Isa Dutse while addressing the media after FAAC meeting said the amount shared comprised Value Added Tax( VAT), Company Income Tax and Petroleum Profit Tax( PPT). He explained that, though the month under consideration recorded increase in average Price of crude oil from $50.27 to $51.05 per barrel and significant increase in export volume by 1.20 barrels, resulting to increase revenue from export sales for federation by $62 million, the amount shared reduced drastically. "Despite the increases, there were issues of leaking flow lines, shut-ins and shut downs at terminals for maintenance and the force majeure declared at forcados terminal since February, 2016 subsisted ", he said. Of statutory shared, federal government got highest allocation in the sum of N181.451 billion, states got N92.035 billion ; local government got N70.955 billion while N31.591 billion was shared by oil producing States as 13% derivation . The balance in excess crude account is put at $2.3 billion