FG, States, LGs share N655.17bn in January 2018

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The Federation Account Allocation Committee (FAAC) on Tuesday shared N655.17 billion to the three tiers of government as revenue for January.

The Minister of Finance, Mrs Kemi Adeosun, told newsmen on Tuesday in Abuja that the N655.17 billion was distributed under four distributable sub-heads.

“The total statutory revenue for the month is N540.44 billion.

“It was made up as follows: NNPC contributed N104.3 billion, DPR, N77.61 billion, FIRS collection from the oil sector is N88.37 billion and N116.9 billion from the non-oil sector.
“We also generated N51.98 billion from the Nigerian Customs Service. There was also a refund of some excess bank charges to the tune of N1.93 billion.

“There was a deduction of seven per cent cost of collection to the customs, four per cent to the FIRS and another four per cent to DPR.
“There was also a provision for FIRS tax refund of N2 billion and another refund by Customs to the tune of N8 billion.
“So the distributable revenue for the month is 655.17 billion, which includes VAT of N83.96 billion and N30.76 billion from the Forex Equalisation Account,” she said.

Adeosun said that oil revenue continued to be impacted negatively due to the continued sabotage of oil pipelines in the Nigeri-Delta region and the declaration of Force Majeure at Bonny Terminal.

“The decrease in crude oil exports sales by 0.59 million barrels resulted in decreased revenue from export


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