FAAC: FG, states, LGAs share N788.1bn in October

The Federation Account Allocation Committee (FAAC) has distributed a total of N788.139 billion to the Federal Government, State Governments and Local Government Councils for the month of October, 2018.

The communiqué issued by the Technical Sub -Committee FAAC at the end of the special session held in Kaduna, after the 2018 National Council on Finance and Economic Development (NACOFED), indicated that the Gross statutory revenue received is N682.161 billion which is higher than the N569.281 billion received in the previous month by N112.880 billion.

According to the committee, crude oil export sales increased by 0.82 million barrels resulting in an increased revenue to the Federation of $54.19 million.

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

The distributable Statutory Revenue for the month is N682.161 billion, while the total revenue distributable for the current month (including VAT and Exchange Gain Difference) was N788.139 billion.

Giving the breakdown of the net statutory revenue, the Federal Government received N299.912 billion representing 52.68%; States received N194.920 billion representing 26.72%;

Local Government Councils received N146.693 billion representing 20.60%; while the Oil Producing States received N58.193 billion also representing 13% derivation revenue.

The Cost of Collection, Transfer and DPR Refund came up to N 88.421 billion.

It stated that the Shut-in and Shut -down of Pipelines at various terminals persisted due to leaks and maintenance.

Revenues from Oil and Gas Royalities, Petroleum Profits Tax (PPT) and Value Added Tax (VAT) increased significantly while Companies Income Tax (CIT), Import and Excise duties increased only marginally.

The NACOFED conference was held for State Commissioners for Finance, Accountants-General of states, Federal Inland Revenue Service, Budget Office of the Federation, Debt Management Office of the Federation and other stakeholders in the Finance sector.