Again, NNPC disappoints the nation, fails to remit statutory deposit into Federation Account for national distribution…As FG, states, LGAs share meagre N786.161bn distributable revenue for month of May – updated

• Pix above: Mallam Mele Kyari, GCEO, NNPCL

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 Federation Account Allocation Committee (FAAC) has shared a total sum of N786.161 billion May 2023 Federation Account Revenue to the federal government, states, and local government councils.

–Pix above: President Bola Ahmed Tinubu(m) and state governors: all disappointed

This is according to a communiqué issued at the end of the FAAC meeting for June, chaired by the Accountant General of the Federation, Dr Oluwatoyin Madein, in which it was revealed that while the balance in the Excess Crude Account (ECA) as at June 22, 2023 stood at $473,754.57, the Nigerian National Petroleum Corporation Limited (NNPCL), again, did not remit statutory deposit into the Federation Account.

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The communiqué stated that the N786.161 billion total distributable revenue comprised statutory revenue of N519.545 billion and Value Added Tax, VAT revenue of N251.607 billion.

It also contained Electronic Money Transfer Levy, EMTL of N14.370 billion, and Exchange Difference revenue of N639 million.

From that amount, the sum of N10.808 billion was allocated for costs of collection and the sum of N7.782 billion given for transfers and refunds. The remaining sum of N251.607 billion was distributed to the three tiers of government of which the Federal Government got N37.741 billion, states – N125.804 billion and LGAs – N88.062 billion.

Accordingly, the Gross Statutory Revenue of N701.787 billion received for the month was higher than the sum of N497.463 billion received in the previous month of April 2023. From that amount, the sum of N26.831 billion was allocated for cost of collection and a total sum of N155.411 billion for transfers and refunds.

The remaining balance of N519.545 billion was distributed as follows: Federal Government – N261.686 billion, states  – N132.731 billion, LGAs – N102.330 billion, and oil derivation – N22.798 billion.
 
Also, the sum of N14.969 billion from Electronic Money Transfer Levy (EMTL) was distributed to the three tiers of government as follows: Federal Government –  N2.155 billion; states – N7.185 billion; LGAs – N5.030 billion; even as N0.599 billion was allocated for cost of collection.
 
Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, Import and Excise Duties and VAT all increased significantly, while EMTL decreased marginally.
 
While the balance in the Excess Crude Account (ECA) as at June 22, 2023 stood at $473,754.57, the Nigerian National Petroleum Corporation Limited (NNPCL), again, did not remit statutory deposit into the Federation Account.
 
The State Online reports that, to shore up the revenue base of the country, President Bola Tinubu had set up an inter-agency committee to resolve the lingering row between the NNPCL and FAAC.(agency)/SHARE THIS

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