FAAC shares N660.368bn to FG, States, LGAs for January

…Withdraws N50bn from the FX Equalisation account
The Federation Accounts Allocation Committee (FAAC) has distributed a total sum of N660.368 billion between the Federal, States and Local Government Councils for the month of January 2019.

The Accountant General of the Federation, Ahmed Idris, while briefing the press at the end of the Federation Account Allocation Committee (FAAC) meeting in Abuja, on Wednesday, said approval is being awaited from the Minister of Finance for additional N50 billion from the Foreign Exchange Equalisation Account, which will be distributed accordingly.

The communiqué issued in Abuja by the Technical Sub -Committee at the end of its February meeting, indicated that the Gross statutory revenue received was N505.246 billion.

This sum is lower than the N547.462 billion received in the previous month by N42.216 billion.

Breakdown of the total distributable revenue of N660.368 billion comprised the Statutory Revenue of N505.246 billion, Gross Value Added Tax of N104.468 billion and an Exchange Gain of N0.654 billion.

Giving the breakdown, the Federal Government received N237.063 billion representing 52.68 per cent; States received N120.241 billion representing 26.72 per cent; Local Government Councils received N92.701 billion representing 20.60 per cent.

The Oil Producing States received N41.919 billion also representing 13 per cent derivation revenue.

From the breakdown of the distribution of Value Added Tax (VAT) to the three tiers of government, the Federal Government received N15.044 billion representing 15 per cent; States got N50.145 billion representing 50 per cent while the Local Government Councils received N35.102 billion, also representing 35 per cent.

There was also N17.500 billion paid as a cost of collection to revenue generating agencies, such as the Nigerian Customs Service (NCS), Federal Inland Revenue Service (FIRS), Directorate for Petroleum Resources (DPR).

Meanwhile, the revenue from the Company Income Tax (CIT) decreased significantly while revenues from Value Added Tax (VAT), increased marginally.

Also, revenues from Import and Excise Duties increased significantly while that of Petroleum Profit Tax (PPT) decreased significantly.

According to the Committee, the balance on Excess Crude Account as at 26th January 2019 is $249 million.