FG, states share N635.56 billion federation revenue for January

The Federal Government and states yesterday shared N635.564 billion being federation revenue generated for January 2018. The figure was lower almost by N20 billion compared with N655.17 billion shared in December.

The Accountant-General of the Federation (AGF), Alhaji Ahmed Idris, who presided over the meeting, said that there was a slight revenue drop due to activities of shut-in and shut-down of operations.He said: “The gross statutory revenue of N53.908 billion received in the previous month by N1.538 billion. 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. However, the average price of crude oil increased from $557.71 per barrel during the period.

“Other major issues that impacted negatively on operations were the shut-insight and shut-downs of production at various terminals for repairs and the force majeure declared at Bonny Terminal that was still in place during the period under review. There were significant increases in oil royalty and Value Added Tax (VAT). Also, revenues from import duty increased marginally Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) recorded decreases,” Ahmed further revealed.

A breakdown of the distribution shows that the Federal Government received N263.283 billion; states, N172. 872 billion and local councils, N129.985 billion.Oil producing states got N52.042 billion and Federal Inland Revenue Service (FIRS) N17.372 billion being cost of collection of taxes.