The figure was released after the meeting of the monthly Federation Account Allocation Committee, FAAC, in Abuja, yesterday. According to the figures released by Mrs Kenechukwu Offie, Director Information, Office of the Accountant General of the Federation, the gross statutory revenue of N240.120 billion received for the month was higher than the N238.716 billion received in the previous month by N1.404 billion.
Federation revenue was low as a result of shut-in and shut-down of pipelines for repairs and maintenance due to leakages and sabotage, however, Companies Income Tax, CIT and Value Added Tax, VAT, recorded marginal increases. The distributable Statutory Revenue for the month is N206.448 billion. N6.330 billion was refunded by NNPC to the Federal Government.
There is a proposed distribution of N 66.000 billion from the Excess PPT Account. Also, exchange gain of N 38.852 billion is proposed for distribution. The total revenue distributable for the current month (including VAT) is N386.879 billion. Consequently, from statutory revenue, Federal Government received N97.897 billion (52.68 per cent); states received N49.655 billion (26.72 per cent); local government councils received N38.282 billion (20.60 per cent); while the oil producing states received N13.613 billion as 13 per cent derivation revenue.