FAAC: FG, States, LGs share N788.13bn for Oct

The Federal Government, States and Local Governments, on Wednesday
shared N788.13 billion as federal allocation for the month of October at
the Federation Account Allocation Committee (FAAC) meeting.

Zainab Ahmed, Minister of Finance

A statement issued by Mr Oise Johnson, Head, Press and Public
Relations, Office of the Accountant-General of the Federation (OAGF),
said the meeting was held after the 2018 National Council On Finance and
Economic Development (NACOFED), in Kaduna.

He said that the figure distributed was higher than the N698.7 billion shared for the month of September by N89.42 billion.

Oise said a communique signed by the Accountant-General of the Federation, Mr Ahmed Idris was issued at the end of the meeting.

“The communiqué issued by the Technical Sub -Committee of FAAC
indicates that the gross statutory revenue received is N682.16 billion
which is higher than the N569.28 billion received in the previous month
by N112.88 billion.

“In the same vein, crude oil export sales increased by 0.82 million
barrels, resulting in an increased revenue to the federation of 54.19
million dollars.

“However, the average unit price dropped further from 75.69 dollars to 73.92 dollars.

“The distributable statutory revenue for the month was N682.16
billion, while, the total revenue distributable for the current month
(including Value Added Tax (VAT) and Exchange Gain Difference) was
N788.13 billion.’’

In the summary of the distribution, the Federal Government got N284.3
billion from statutory revenue, N15.14 billion from VAT, N0.372 billion
from the exchange gain, culminating in N299.9 billion.

The states got N144.2 billion from statutory revenue, N50.48 billion
from VAT, N0.18 billion from the exchange gain, culminating in N194.9
billion.

The Local Governments got N111.2 billion from statutory revenue,
N35.3 billion from VAT, N0.145 billion from the exchange gain,
culminating in N146.6 billion.

The oil producing states received N58.09 billion also representing 13 per cent derivation revenue.

The communique also said that the cost of collection, transfer and
Federal Inland Revenue Service (FIRS) refund came up to N 88.421
billion.

The communique said that the shut-in and shut -down of pipelines at various terminals persisted due to leaks and maintenance.

“Revenues from oil and gas royalties, Petroleum Profits Tax (PPT) and
VAT increased significantly, while Companies Income Tax (CIT), import
and excise duties increased only marginally.’’

The NACOFED conference which ended on Wednesday, was held for State
Commissioners for Finance, Accountants-General of states, staff of FIRS,
Budget Office of the Federation, Debt Management Office and other
stakeholders in the finance sector.

NAN