FG, states, LGs share N652. 229bn in July

The three tiers of government on Tuesday shared N652.229 billion
as statutory revenue for July.

Of the N652.229 billion shared, Federal Government got N286.650
billion, states received N178.619 billion and local government
councils garnered N134.927 billion.

The sum of N29.894 billion was given to oil producing states as
13 per cent revenue derivation.

The Accountant General of Federation, Alhaji Idris Ahmed,
released the figures at the end of the monthly Federation Account
Allocation Committee (FAAC) meeting held in Abuja.

He put statutory revenue received during the month at N570, 584
billion which was higher than N317.562 billion received in June by
N253.022 billion.

Ahmed said: “The decrease in the average price of crude oil from
$55.18 to $50.27 per barrel and a significant decrease in export
volume by 3.20 million barrels, resulted in decreased revenue from
export sales for the federation by $183.68 million.

“Crude oil production suffered due to leakages, shut-ins and
shut downs at terminals for maintenance and force majeur declared
at forcados terminal since February.

“There were significant increases in Company Income Tax (CIT)
being the peak period for its collection and Petroleum Profit Tax
(PPT). Also VAT, import and Excise duties recorded marginal
increases.”

Asked if Lagos State has started enjoying the 13 per cent
derivation principle as one of oil producing states, the AGF added:
“Lagos is already being identified as oil producing state. The
first hurdle has been crossed. The relevant agencies to determine
the quantity of oil that is being produced from Lagos is working
round the clock. We are on course, Lagos already knows its
position.”

The three tiers of government on Tuesday shared N652.229 billion
as statutory revenue for July.

Of the N652.229 billion shared, Federal Government got N286.650
billion, states received N178.619 billion and local government
councils garnered N134.927 billion.

The sum of N29.894 billion was given to oil producing states as
13 per cent revenue derivation.

The Accountant General of Federation, Alhaji Idris Ahmed,
released the figures at the end of the monthly Federation Account
Allocation Committee (FAAC) meeting held in Abuja.

He put statutory revenue received during the month at N570, 584
billion which was higher than N317.562 billion received in June by
N253.022 billion.

Ahmed said: “The decrease in the average price of crude oil from
$55.18 to $50.27 per barrel and a significant decrease in export
volume by 3.20 million barrels, resulted in decreased revenue from
export sales for the federation by $183.68 million.

“Crude oil production suffered due to leakages, shut-ins and
shut downs at terminals for maintenance and force majeur declared
at forcados terminal since February.

“There were significant increases in Company Income Tax (CIT)
being the peak period for its collection and Petroleum Profit Tax
(PPT). Also VAT, import and Excise duties recorded marginal
increases.”

Asked if Lagos State has started enjoying the 13 per cent
derivation principle as one of oil producing states, the AGF added:
“Lagos is already being identified as oil producing state. The
first hurdle has been crossed. The relevant agencies to determine
the quantity of oil that is being produced from Lagos is working
round the clock. We are on course, Lagos already knows its
position.”