The Federal Government, state and local governments shared N637.704 billion for the September 2017.
Mr Ahmed Idris, Accountant-General of the Federation, stated this at the end of the monthly Federal Accounts Allocation Committee (FAAC) meeting on Thursday in Abuja.
He said that the sum indicated a rise in the revenue shared by the three tiers of government of N169 billion for September compared to about N467.8bn shared in August.
According to him, the sum is inclusive of Value Added Tax (VAT).
The total revenue statutory gross is N550.992bn, there is also an element of VAT of N86.712bn making a total of N637.704bn.
“And this figure is distributed among the three-tiers of government after deduction of relevant cost of collection due to the revenue generating agencies,” Idris also said.
The Federal Government got N263.609bn from the gross statutory revenue, states received N132.184bn and local governments received N101.908bn.
Idris said, “It is evident from the records and from what we have distributed today that the figure distributed this month is by far greater than the distribution for the previous month by N169,852bn.”
He said the Federal Government got N12.87 billion; state governments N41.622 billion while the local governments got N29.135 billion, making a total of N83.244 billion after deduction of cost of collection
Idris stated that the balance in the Excess Crude Account (ECA) stood at 2.309 billion dollars as at Sept. 27, 2017, adding that, “there is also the excess Petroleum Profit Tax (PPT) of 68 million dollars.”
He explained that during the period under review, there was a decrease in the average price of crude oil from 51.05 to 50.44 dollars per barrel.
He stated that there was a significant increase in export volume by 0.85m barrels and an export sales revenue for the federation increased by 41 million dollars.
“The perennial challenges of shut-ins and shut downs at terminals caused minimal negative impact on crude oil operations during the period.
“There were significant increases in revenue from companies’ income and petroleum profit taxes. Also import and excise duties and VAT recorded marginal increases,” he stated.
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