The Federal Account Allocation Committee – FAAC – has approved the sum of N788.1bn to the Federal, States and Local Governments for the month of Octover 2018.
FAAC:Â The figure, which is higher than N698.710 billion shared in the previous month, was confirmed on Wednesday in Kaduna by the Accountant General of Federation (AGF), Ahmed Idris.
According to a statement by Special Adviser to the Minister of Finance, Mr. Paul Ella Abechi, statutory allocation during the month under review stood at N682.161 billion.
Of the sum, the Federal Government got the highest amount of N284.396 billion; state governments, N144.249 while 774 local governments received N111.210 billion.
The oil mineral producing states got N58.092 being 13 per cent derivation principles, while N84.214 billion was disbursed under the Cost of Collection/Transfers/FIRS refund.
In respect to Value Added Tax (VAT) component, a total of N105.172 billion was disbursed with Federal Government receiving N15.145 billion; state governments and the Federal Capital Territory (FCT) got N50.483 billion and local government councils received N35.338 billion.
Speaking on the figures, Idris said the gross statutory revenue of N682.161 billion received for the month was higher than the N569.281 billion received in the previous month by N112.880 billion.
He attributed this increase to crude oil export sales, which, he said, increased by 0.82 million barrels resulting in increased revenue to the federation of $54.19 million. However, the average unit price dropped further from $75.69 to $73.92.
“Also, the shut-in and shut-down of pipelines at various terminals persisted due to leaks and maintenance.
“Revenues from Oil and Gas Royalties, Petroleum Profit Tax (PPT) and VAT increased significantly while Companies Income Tax (CIT), import and excise duties increased only marginally,†the AGF said.
www.sojworld.com (c) November 29, 2018
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