Home BANKING & FINANCE Federation Account Shares N305.1 Billion To Beneficiaries For May

Federation Account Shares N305.1 Billion To Beneficiaries For May

KEMI ADEOSUN FINANCE MThe Federation Accounts Allocation Committee (FAAC), on Wednesday, distributed a total of N305.128 billion to beneficiaries for the month of May 2016.

Beneficiaries of the federation account include Federal Government, 36 state governments, 774 local government and area councils, Federal Inland Revenue Service (FIRS), Nigerian Customs Service (NCS) and Department of Petroleum Resources (DPR).

Of the amount, gross statutory revenue (mineral, taxes, customs and excise) contributed N237.466 billion; N65.116 billion came from value added tax, while the N2.546 billion gained from exchange rate variance made up the remaining.

Federal Government took N122.567 billion; states got N88.485 billion, while local governments collected N66 billion.

The 13 oil producing states shared an additional N16.738 billion as oil derivation fund.

The FIRS got N2.978 billion, being four per cent cost of collection; NCS was allocated N2.350 as seven per cent cost of collection, while DPR collected N1.220 billion also as four per cent cost of collection.

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The $2.261 billion in the Excess Crude Account was maintained with no additional fund deposited and nothing was withdrawn.

According to FAAC chairman and Minister of Finance, Mrs. Kemi Adeosun, the gross statutory revenue of N237.466 billion received for the month was higher than the N213.817 billion received in April by N23.649 billion.

She said crude oil production dropped by about 2.3 million barrels in February 2016 due to Force Majeure declared t Forcado Terminal, shut-in and shut-down of pipelines at other terminals for repairs and maintenance. [myad]