FAAC releases monthly revenue Allocations for Federal, States and Local Governments for August – SEE ALLOCATIONS

Minister of Finance, Mrs. Kemi Adeosun
Minister of Finance, Mrs. Kemi Adeosun
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MONTHY REVENUE ALLOCATIONS:  The Federation Account Allocation Committee (FAAC) released N714.8 billion for August to be shared by the Federal, States and Local Governments.

The figure indicated a decline of N107.1 billion when compared to what was generated in June.

Minister of Finance, Mrs. Kemi-Adeosun
Minister of Finance, Mrs. Kemi-Adeosun

The Minister of Finance, Mrs Kemi Adeosun briefed newsmen on the outcome of the monthly FAAC meeting, highlighted several factors. These factors impacted negatively on the month’s income.

“Crude oil exports sales volume was 3.74 million barrels showing an increase of 0.17 million barrels when compared with the previous month sales of 3.57 million barrels.

“Despite the improved revenue, production was negatively affected in the period by shut-ins and shut-down. Various terminals undergo repairs and maintenance of ageing facilities.

“The VAT, import duty, Companies Income Tax and Oil Royalty decreased, while Petroleum Profit Tax recorded an increase,” she said.

Breakdown of Revenue Allocations by Mrs. Kemi Adeosun

Adeosun, giving breakdown of revenue generated, said N376.14 billion was generated as mineral revenue, while N221.8 billion came from non-mineral resources.

The minister said that Federal Government received N269.8 billion, states N136.85 billion and local government N105.5 billion.

She said that N44.96 billion was also shared among the oil producing states. This represents 13 percent of the oil revenue generated in the month of July.

www.sojworld.com © August 31, 2018

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