Ahmed+Idris+AGF FAAC
FAAC Shares
Ahmed+Idris+AGF FAAC
FAAC Shares N619bn for FG, States, LGCs in March
2019
A total of N619.857 billion has been distributed as Federal
Allocation for the month of February 2019 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
monthly meeting in March 2019, indicated that the Gross statutory
revenue received was N478.434 billion. This sum is lower than the
N505.246 billion received in the previous month by N26.812
billion.
Federation Crude Oil Export sales increased by about 46%
resulting in increased Federation Revenue from $425.00 million
previously to $574.95 Million. Shut-in and Shut-down persisted
while some Terminals remained closed due to leaks and
maintenance.
Petroleum Profit Tax (PPT) increased significantly while Companies
Income Tax (CIT) recorded a marginal increase.
Revenues from Value Added Tax (VAT), Oil Royalty, Import and Excise
Duties decreased in February, 2019.
The distributable Statutory Revenue for the month is #478.434
billion. The total Revenue distributable for the current month
(including VAT, Exchange Gain, Excess Bank Charges recovered and
Forex Equalization) is #619.857 billion.
Therefore, from the Total distributable revenue for the Month,
the Federal Government received N257.681 billion representing
52.68%; States received N169.925 billion representing 26.72%; Local
Government Councils received N127.722 billion representing 20.60%;
while the Oil Producing States received N50.946 billion also
representing 13% derivation revenue.
The balance on Excess Crude Account as at 27th March , 2019 is
$183 million.
END
Oise D. Johnson
Head Press & Public Relations, OAGF.
27th March, 2019.