The federal, states and local governments on Tuesday shared N655.177 billion from December 2017 accruals into the Federation Account.
The amount was N45.2 billion more than the November distributable amount of N514.413 billion.
A breakdown of the figures indicated that the Federal Government got the sum of N278.735 billion; the States, N175.547 billion; the Local Councils, N132.481 billion and the oil producing States N51 738 billion being 13 per cent of oil mineral revenue for the month.
Chairman of Federation Account Allocation Committee (FAAC), Mrs. Kemi Adeosun while giving details of the disbursements shortly after the meeting said Statutory revenue contributed the sum of N540.66 billion; Value Added Tax ( VAT) N83.963 billion and the sum of N30 768 billion from Forex equalisation.
“The gross statutory revenue of N540.446 billion received for the month was lower than the N549.533 billion received in the previous month by N9 087 billion.
“The decrease in crude oil export sales by 0.69 million barrels resulted in decreased revenue from export sales of $11.65 million.
However, the average price of crude oil increased from, $52.07, to $56.83 per barrel during the period under review.
“There were shut-ins and shutdowns at various terminals due to theft activities and continue repairs. Also, force majeure declared at Bonny Terminal.
“There were marginal increases in revenues from Petroleum Profit Tax and VAT, while import Duty and Oil Royalty recorded decreases.
“The distributable statutory Revenue for the month is N540.446 billion. The total revenue distributable for the current month including VAT and Forex Equalisation is N655.177 billion”, she said.