OUR NEWS

FAAC: Federation revenue declines as federal, state and local govts share N635.55 billion

February 23, 2018

 

 

The Federal, States and Local Governments on Thursday shared N635.55 billion as revenue generated in January which showed a decline of N19.6 billion when compared to what was generated in December.

 

The Accountant-General of the Federation, Ahmed Idris, while briefing journalists in Abuja on the outcome of the monthly FAAC meeting, highlighted several factors that impacted negatively on the month’s income.

 

“Operational challenges caused a decrease in crude oil export by 0.36 million barrels which reduced revenue from export sales for the federation by 113.86 million dollars.

 

“However, the average price of crude oil increased from 56.83 dollars to 57.71 dollars per barrel during the period.

 

“Other major issues that impacted negatively on operations were the shut-ins and shut-downs of production at various terminals for repairs and the Force Majeure declared at Bonny Terminals,” he said.

 

Mr. Idris said that the income from Petroleum Profit Tax and Companies Income Tax also decreased in the month under review.

 

He said that there was however, significant increase from oil royalty, Value Added Tax (VAT) while revenues from Import Duty increased marginally.

 

Giving a breakdown of the revenue generated, Mr. Idris said that N404.79 billion was generated as mineral revenue while N134.11 billion came from non-mineral revenue.

 

To this end, Mr. Idris said that federal government received N249.3 billion, States, N126.48 billion and the Local Governments, N97.51 billion.

 

He said that N52.04 billion was also shared among the oil producing states, representing 13 per cent of the oil revenue generated in the month of January.

Please reload

Recent Posts

Please reload

SUBSCRIBE TO OUR NEWSLETTER

Keep up to date with the latest news and services from Oakmark Global Vision

WEST AFRICA'S NO.1 ECONOMIC AGENTS

REGIONAL OFFICE

INTERNATIONAL OFFICE

CONNECT WITH US

SITE MENU

1 Kandi Close, Off Aminu Kano

Crescent, Wuse 2, Abuja F.C.T

Nigeria 

King Court, 17 School Road
Hall Green Birmingham
United Kingdom  B28, 8JG

+234 -(0)- 929 207 02
+234 (0) 808 643 0422

+44 (0) 121 244 1814
+44 (0) 746 625 2505

© 2019 Oakmark Global Vision Ltd - All Rights Reserved.

UK Company No. 07634879 / Nigeria Company No. RC 1288232

WEST AFRICA'S NO.1 ECONOMIC AGENTS
  • Grey Facebook Icon
  • Grey Twitter Icon
  • Grey Instagram Icon
  • Grey LinkedIn Icon