Ahmed+Idris+AGF FAAC
FG, States,
Ahmed+Idris+AGF FAAC
FG, States, LGCs Share N788bn for October
2018
A total of N788.139 billion has been distributed as Federal
Allocation for the month of October 2018 between the Federal
Government, State Governments and Local Government Councils.
The communiqué issued by the Technical Sub -Committee of
Federation Accounts Allocation 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.
In the same vein, 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) is N788.139
billion.
Therefore, from the Net Statutory revenue, 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.
However, 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.
Oise D. Johnson
Head Press & Public Relations, OAGF
November 28th, 2018.