By Ossom Raphael
The Value Added Tax for the month of January 2017, dropped to N73.522 billion from N79.273 billion in December 2016
The drop indicates a N5.751 billion shortfall in VAT distributed to the Federal, States and Local Governments respectively.
According to figures from the communiqué made available to journalist, after the Federation Account Allocation Committee (FAAC) meeting Tuesday in Abuja, the Federal Government went home with N10.587 billion, while States received N35.291 billion and Local Government Councils were given N24.701 billion by the Committee.
Giving a breakdown of the the amount distributed to the three tiers of government, Permanent Secretary in the Ministry of Finance, Mahmoud Isa Dutse said the allocation rose by N65.149 billion over the preceding month.
“There was revenue increase of $74.91 million in the Federation export sales due to a rise in Cude Oil export volume by 1.490 million barrels and an increase in the average price of Crude Oil from $47.30 to $49.57 per barrel during the period under review,” he explained.
A breakdown of the amount distributed by the Committee showed that FG, States and LGCs got 133.192 billion, N67.557 billion and N52.082 billion respectively from statutory allocation of N273.452 billion despite the Force Majeure and the Shut-down of pipelines for repairs and maintenance due to leakages and sabotage.
Also distributed by the Committee is the Petroleum Profit Tax, PTT, of N60.850 billion and Exchange Rate Gain of N48.371 billion. Added to this is the Nigeria National Petroleum Corporation refund of N6.330 billion that was shared among the three levels of government.