FAAC Shares N619bn for FG, States, LGCs in March 2019 | Nairalaw

The three tiers of government, made up of the Federal, 36 States
and the Federal Capital Territory and 774 Local Governments, on
Wednesday shared N619.9 billion as statutory allocation from the
Federation Allocation Account for February 2019.

A communiqué by the Technical Sub -Committee of the Federation
Accounts Allocation Committee (FAAC) at the end of its meeting on
Tuesday said the gross statutory revenue received was about
N478.434 billion.

The committee said the amount was lower by about N26.812 billion
than the N505.246 billion received last January.

The communique read by the Accountant General of the Federation,
Ahmed Idris, said Federation Crude Oil Export sales increased by
about 46 per cent resulting in increased Federation Revenue from
$425 million previously to $574.95 Million.

Mr Idris said production shut-ins and oil facility shut-downs
persisted during the month, with some oil export terminals still
closed due to leaks and maintenance.

He said the Petroleum Profit Tax (PPT) increased significantly,
while Companies Income Tax (CIT) recorded a marginal increase. He
did not give further details.

According to him, revenues from Value Added Tax (VAT), Oil
Royalty, Import and Excise Duties decreased during the month under
review.

While the distributable statutory revenue for the month stood at
about N478.4 billion, total distributable revenue for the month
(including VAT, Exchange Gain, Excess Bank Charges recovered and
foreign exchange Equalisation) stood at about N619.857 billion.

Details of the total distributable revenue for the month showed
the Federal Government received about N257.681 billion,
representing 52.68 per cent; States received N169.925 billion,
representing 26.72 per cent; Local Government Councils received
N127.722 billion, representing 20.60 per cent, while the Oil
Producing States received N50.946 billion, representing 13 per cent
derivation revenue.

The AGF said the balance in the Excess Crude Account as at March
27, 2019, stood at about $183 million.

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.