FAAC: FG, States, LGs share N610.36bn allocation in February
The Federal, states and Local Governments, which make up the three tiers of government on Wednesday, shared a total of N610.36 billion, according to the Accountant-General of the Federation, Mr. Ahmed Idris.
This revenue was generated in in January but was shared in February, 2018.
The Account General of the Federation, who addressed a news conference at the end of the monthly Federation Accounts Allocation Committee FAAC meeting in Abuja, yesterday, however, said approval was yet to given by the Minister of Finance, Mrs. Zainab Ahmed, for additional N50 billion from the Foreign Exchange Equalisation Account, which would also be distributed in line with existing sharing formular.
He also said that Nigeria’s Excess Crude Account ECA, currently stands at $249 billion.
A communiqué issued at the end of the meeting noted that in January the federation crude oil sales increased by 2.4 million barrels, resulting in increased federation revenue by $149.94 million, in spite of a drop in price of crude oil from $81.06 to $75 per barrel.
Oil royalty, import and excise duties increased substantially while Companies Income Tax CIT and Petroleum Profit Tax PPT decreased marginally In the month under review.
It was further gathered that the gross revenue of N505.24 billion was received in January, a figure lower than the N547.46 billion received in the previous month by N42.216 billion.
“The gross revenue from Value Added Tax (VAT) is N104.46 billion as against N100.76 billion distributed in the previous month, resulting in an increase of N3.708 billion.
“From the total gross revenue from VAT, the Federal Government received N15.04 billion, the states received N50.14 billion, while the LGAs received N35.10 billion and the revenue generating agencies received N1.17 billion,” it stated.
The communiqué also showed that the Federal Government received N252.41 billion, the states received N170.54 billion, while the local government areas (LGAs) received N127.923 billion.
It also indicated that the oil producing states received N41.99 billion as 13 percent derivation revenue, while the revenue generating agencies received N17.50 billion as cost of revenue collection.