A total of N701.022 billion has been distributed as federal allocation for the month of April 2018 between the federal, states and local government councils.
Reading the details of the communiqué to journalists at the end of the Federation Accounts Allocation Committee (FAAC), the permanent secretary in the federal ministry of finance, Dr Mahmoud Isa-Dutse, said the distributable statutory revenue for the month is N613.057 billion.
However the total revenue distributable for the current month (including VAT) is N701.022 billion.
Also, an additional sum of N11.269 billion was received from NNPC after April FAAC and it was distributed accordingly.
He noted that the gross statutory revenue received for the month was higher than the N480.599billion received in the previous month by N132.458 billion.
The FAAC communiqué also showed that the crude oil export sales volume increased by 64 percent when compared with the 7.72 million barrels from the previous month, resulting in increased revenue from federation crude oil export sales by $226.90 million. Also, the average crude oil price increased from $65.72 to $66.78 per barrel within the month.
The performance for the month in review would have been better but for the few production Shut-ins and Shut-downs at various terminals for repairs of leaks and maintenance, the communiqué said.
“There were significant increases in revenues from companies income tax (CIT), petroleum profit tax (PPT) and oil royalty. Also import duty and value added tax (VAT) recorded marginal increases,” it added.
The breakdown of the net statutory revenue showed that federal government received N276.535 billion representing 52.68 percent; States received N140.262 billion representing 26.72 percent; local government councils received N108.136 billion representing 20.60 percent; while the oil producing states received N49.756 billion also representing 13 percent derivation revenue.
Furthermore, from the revenue available from the value added tax (VAT), federal government received N12.510 representing 15 percent; states received N41.701 billion representing 50 percent while the local government councils received N29.190 billion representing 35 percent.
