Allocation: FG, states, LGs share N740bn, NNPC to deduct N163.73bn in Nov

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The Federation Accounts Allocation Committee shared a total of N739.96bn among the three tiers of government for the month of September.

This was contained in a communiqué issued at the end of a virtual meeting of the committee for October, a statement from the Office of the Accountant General released on Thursday revealed.

The N739.96bn total distributable revenue comprised distributable statutory revenue of N577.76bn, distributable Value Added Tax revenue of N159.09bn and exchange gain of N3.10bn.

In September, the sum of N126.27bn was the total deductions for cost of collection, statutory transfers, savings and refunds while $60.86m was the balance in the Excess Crude Account.

The communiqué noted that out of the total distributable revenue of N739.96bn, the Federal Government received N301.31bn; the state governments received N220.27bn, while the local government councils received N164.17bn.

It also disclosed that the sum of N54.20bn was shared to the relevant states as 13 per cent derivation revenue.

Meanwhile the Nigerian National Petroleum Company Limited has said it will deduct N163.73bn from its remittance to the Federation Account Allocation Committee in November.

The national oil company said it remitted a total of N67.53bn to FAAC in October.

It disclosed these in its latest presentation at this month’s FAAC meeting, which focused on August crude oil and gas sales and proceeds received in September.

An analysis of NNPC’s presentation at the meeting showed that Nigeria’s earnings from oil and gas sales dropped by N87.41bn between July and August this year.

The October 2021 FAAC executive summary indicated that the total oil and gas sales in July was N271.215bn but dropped to N183.81bn in August, representing a decrease of 32.23 per cent.

SOURCE: PUNCH

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