FG keeps mum on retrieval of Paris Club refund to Benue, Delta, Rivers states

…As FAAC shares N741.843 to FG, States, LGAs
The Federal Government has refused to comment on the allegations that it reversed the payment of the second tranche of the Paris Club Refund to Benue, Delta and Rivers states.

This is even as the Federation Account Allocation Committee (FAAC) said that Federal, states and Local Government Areas have shared a total of N741.843 billion for the month of August.

The Permanent Secretary of the Ministry of Finance, Mahmoud Isa-Dutse, while responding to questions from Finance correspondents, said: “Paris Club Refund is not really a FAAC matter. FAAC meets to review revenue collection in the federation account and agree on the distribution.

“The issue of Paris Club refund is a technical matter and we did not discuss it at all at this meeting. So what I think is that you should direct the question to the agency of government and you will get the correct answer, I don’t want to mislead you.”

Also, the Accountant General of the Federation, Ahmed Idris, assured that “the matter around salaries is that for quite number of months, we have been paying salaries promptly and this month will not be an exception.

Definitely we will pay salaries this month and as I am sitting here I have just finalised the cash plan for salaries, it is a matter of IT application.

We don’t need to go through the rigorous way we used to do it before, be rest assured and I assure all public servants that especially those that work for the Federal Government that their salaries will be paid immediately.”

A total of N741.843 billion has been distributed as Federal Allocation for the month of August, 2018 between the Federal, States and Local Government Councils.

The communiqué issued by the Technical Sub -Committee of the Federation Accounts Allocation Committee (FAAC) at the end of its September meeting, indicated that the Gross statutory revenue received was N627.139 billion.

This sum is higher than the N609.975 billion received in the previous month by N17.164 billion.

Similarly, the total distributable revenue of N741.843 billion, distributed, comprised the Statutory Revenue of N627.139 billion, Gross Value Added Tax of N114.542 billion and An Exchange Gain of N162 million. There was also a saving of N40 billion into the Excess Crude Account.

Therefore, from the Net statutory revenue, Federal Government received N274.889 billion representing 52.68%; States received N139.427 billion representing 26.72%; Local Government Councils received N107.493 billion representing 20.60%; while the Oil Producing States received N53.034 billion also representing 13% derivation revenue.

Furthermore, the breakdown of distribution to the 3 tiers from Value Added Tax (VAT) include: Federal Government received N16.494 billion representing 15%; States received N54.981 billion representing 50% while the Local Government Councils received N38.486 billion, also representing 35%.

Meanwhile, the Oil export sales volume rose to 4.57 million barrels resulting in an increased revenue from the Federation Crude Oil Expert Sales by 0.82 million barrels when compared with the previous month’s sales volume of 3.74 million barrels.

Also, Value Added Tax (VAT), Import Duty, Petroleum Profit Tax (PPT), all recorded an increase, while Companies Income Tax (CIT) and Oil Royalty decreased.

The balance on Excess Crude Account as at September 25, 2018 was $2.468 billion, while the balance in Excess Petroleum Profit Tax as at the same date was $0.133 billion.