The Federal, States and Local Government in October shared N532.7 billion which shows a decline of N25.3 billion when compared to what they shared in September.
The Permanent Secretary of the Ministry, Mahmoud Isa-Dutse, said this on Thursday in Abuja while briefing journalists on the outcome of the monthly Federal Account Allocation Committee, FAAC.
Mr. Isa-Dutse attributed the decline to the decrease in revenue from export sales of $42.94 million due to a decrease in crude oil production by 1.25 million barrels.
He said even though the average price of crude oil increased from $46.29 per barrel to $48.66 per barrel, it was not enough to make up for the loss in production.
“Some of the issues that impacted negatively on crude oil production were attributed to ageing facilities which resulted to shut-ins and shut-downs of pipelines at various terminals for repairs and maintenance.
“Petroleum Profit Tax increased significantly while Import Duty and Value Added Tax improved only significantly.
“Companies Income Tax and Oil Royalty recorded slight decreases in the month under review,” he said.
In summary, Mr. Isa-Dutse said after deductions as cost of collection by FIRS, Customs and DPR, the federal government received N205.7 billion, representing 52.68 per cent; states and N104.3 billion, representing 26.72 per cent.
The local governments, he said, received N80.4 billion, amounting to 20.60 per cent of the amount distributed.
Mr. Isa-Dutse announced that N40.8 billion representing 13 per cent derivation revenue was also shared among the oil producing states. Order for your copy now. Call +2347065222225, +2348033334902. Email us @..email@example.com Orlaurelsandprizes@gmail.com A Report Of The Judgement Of The 16 Divisions Of The Court Of Appeal In Nigeria
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Order for your copy now. Call +2347065222225, +2348033334902. Email us @..firstname.lastname@example.org Orlaurelsandprizes@gmail.com
A Report Of The Judgement Of The 16 Divisions Of The Court Of Appeal In Nigeria