The figures released by the Office of the Accountant-General of the Federation recently has shown that a total of N467.852 billion has been shared as Federal Allocation for the month of July 2017 by the Federal Government, State Governments and Local Government Councils.
The statistics indicated that the gross statutory revenue of N387.319 billion received for the month was lower than the N570.584 billion received in the previous month by N183.266 billion.
It was revealed that the increase in the average price of crude oil from $50.27 to $51.05 per barrel and a significant increase in export volume by 1.20 million barrels, resulted in increased revenue from export sales for the Federation by $62 million.
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.There was a drastic fall in revenue from companies income Tax due to the expiration of the deadline for filling returns.Oil Royalty recorded a reasonable increase but revenue from import and Excise duties decreased slightly.
The distributable Statutory Revenue for the month thereafter is N387.852 billion. The total revenue distributable for the current month (including VAT) is N467.852 billion.
Consequently, from Statutory revenue, Federal Government received N181.451 billion (52.68%); States received N92.035 billion (26.72%); Local Government Councils received N70.955 billion (20.60%); while the Oil Producing States received N31.591 billion as 13% derivation revenue.
The balance in Excess Crude Account (ECA) as at 22nd August, 2017 is $2.303 billion while the balance in PPT as at 25th July, 2017 is $0.068 billion. Rotimi Ajayi. For: Director Information, OAGF August, 22nd 2017.
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