Amidst the further decrease of crude oil export volume, the The Federal, States and Local Government Areas of Nigeria shared a declining November allocation of N387billion, a figure less than N420 billion shared in October.
Giving a breakdown of the allocation figures after the monthly Federation Account Allocation Committee (FAAC) meeting in Abuja on Thursday, Kemi Adeosun, Minister of Finance and chairman of FAAC stated that crude oil export volume decreased further by O.34 million barrels while the average price of Crude Oil increased from $46.54 to $47.08 per barrel during the period under review.
According to the communique of the meeting read on behalf of the Minister by Ahmed Idris, Accountant-General of the Federation, the breakdown of the Net Statutory Allocation distributed showed that the Federal Government received N97.897 billion (52.68 percent), States received N49.665 billion (26.72 percent) while LGAS received N38.282 billion (20.60 percent).
Oil producing states shared the 13 percent of mineral revenue which amounted to N13.613 billion.
The Minister also announced that the gross statutory revenue of N240.120 billion received in November was higher than the N238.716 billion received in the month of October 2016. Adding that Federation Export Sales Revenue declined by about $14.74 million.
She explained that the Federation Revenue was low as a result of shut-in and shut-down of pipelines for repairs and maintenance due to leakages and sabotage.
While the force majeure at Forcados, Qua Iboe and Brass Terminals were in still place, another force majeure, although brief, was declared at Bonny Terminal.
Companies Income Tax (CIT) and Value Added Tax (VAT), both recorded marginal increases.
From the gross revenue from VAT which stood at N75.579 billion as against N69.621 billion distributed in the month of November, Federal Government received N10.883 billion, States received N36.278 billion and LGAs got N25.395 billion.
The sum of N6.330 billion was refunded by the Nigerian National Petroleum Corporation (NNPC) to the Federal Government.
Balance of the Excess Crude Account (ECA) remained static at $2.456 billion.
There was also a proposed distribution of N66 Billion from the Excess Petroleum Profit Tax (PPT) account, and N38.852 billion from Exchange Gain.
No Excess Bank Charges were recovered for the month under review just as none was recovered in October.
