FAAC: FG, States, LGs share N788bn for a month of October

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.

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.