FG, States and LGCs share N714.809 bn for the Month of July 2018.

A total of N714.809 billion has been distributed as Federal Allocation for the month of July, 2018 between the Federal, States and Local Government Councils.

The communiqué issued by the Technical sub -Committee of Federation Accounts Allocation Committee (FAAC) at the end of the meeting indicated that the Gross statutory revenue received is N597.975 billion which is lower than the N694.672 billion received in the previous month by N96.697 billion.

Crude oil export sales volume was 3.74 Million barrels resulting in an increased revenue from the Federation Crude Oil Expert Sales by 0.17 Million barrels when compared with the previous months sales volume of 3.57 Million barrels.
Despite the improved revenue, production was negatively affected in the period by Shut-ins and Shut-downs at various terminals for repairs and maintenance of ageing facilities. The Value Added Tax (VAT), Import Duty, Companies Income Tax (CIT) and Oil Royalty decreased while Petroleum Profit Tax (PPT) recorded an increase.

The distributable Statutory Revenue for the month is N597.957 billion. The total Revenue distributable for the current month (including VAT, Forex Equalization and additional Revenue from NNPC) is N714.809 billion.

Therefore, from the Net Statutory revenue, Federal Government received N298.288 billion representing 52.68%; States received N183.773 billion representing 26.72%; Local Government Councils received N138.964 billion representing 20.60%; while the Oil Producing States received N49.777 billion also representing 13% derivation revenue.

Furthermore, from the Revenue available from the Value Added Tax (VAT), Federal Government received N11.492 billion representing 15%; States received N38.308 billion representing 50% while the Local Government Councils received N26.815 billion also representing 35%.