• Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
    • Government
  • Security
  • Features
  • State
  • Event
    • PR Nigeria Award
  • E-Paper
Search
  • Home
  • About
  • Adverts
  • Contact
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
PRNIGERIA PRNigeria News
PRNIGERIA PRNIGERIA
  • Home
  • Anti-Corruption
    • NAHCON

      Renewed Hope in Hajj Operations: NAHCON Records Milestone Achievements Under Tinubu…

      Mohammed Idris Malagi, Honorable Minister of Information and National Orientation

      FG Reaffirms Non-Interference in ICPC, EFCC Operations

      ICPC Secures Conviction of Rector for Running Unaccredited Degree Programmes

      Engr Abba Babagana Dalori

      Engr Dalori Forfeits Galaxy Hospital, Petrol Station, Properties & Cash

      Chinese nationals jailed in Lagos

      Court Jails Nine Chinese Nationals for Cybercrime in Lagos

  • Fact-Check
  • Economy
    • FG, States, LGs Share N2.225trn Revenue for August – FAAC

      Nigeria Customs Aligns with Finance Ministry over 4% FOB Policy Review

      Members Board of Directors of Dangote Refinery

      Dangote Refinery Deploys 4,000 CNG Trucks, Promises 24,000 Jobs as Fuel…

      Renewed Hope in Central Banking

      Book Review: Renewed Hope in Central Banking – A Blueprint for…

      NAHCON

      Renewed Hope in Hajj Operations: NAHCON Records Milestone Achievements Under Tinubu…

  • National
    • Sowore vs DSS: Free Speech or Defamation? By Mohammed Bego Abdullahi

      NAF Air Strikes Kill Scores of Terrorists, Destroy Enclaves in Borno

      FG, States, LGs Share N2.225trn Revenue for August – FAAC

      Tinubu Lifts State of Emergency in Rivers, Reinstates Fubara, Legislators

      Crowned Prince Salman of Saudi Arabia

      Saudi Frees Nigerian Pilgrims Framed by Drug Syndicate

    • Government
      • Court Dismisses Suit Seeking to Bar ICPC from Probing Bauchi Security…

        Kano’s Corruption Storm: A Test of Media Ethics and Public Relations…

        Sowore vs DSS: Free Speech or Defamation? By Mohammed Bego Abdullahi

        FG, States, LGs Share N2.225trn Revenue for August – FAAC

        ICPC Secures Six-Year Jail Term for Sokoto River Basin Director

  • Security
    • NDLEA Logo

      NDLEA Hands Over Intercepted 60 Cartons of Pregabalin to NAFDAC in…

      Police Officer

      Imo Police Raid IPOB/ESN Hideout, Arrest 18 Suspects, Recover Arms

      Troops Raid Illegal Arms Factory in Plateau, Arrest Suspect, Recover Weapons

      NAF Air Strikes Kill Scores of Terrorists, Destroy Enclaves in Borno

      ICPC Secures Six-Year Jail Term for Sokoto River Basin Director

  • Features
    • Kano’s Corruption Storm: A Test of Media Ethics and Public Relations…

      Sowore vs DSS: Free Speech or Defamation? By Mohammed Bego Abdullahi

      A Group of Terrorists/Bandits

      Nigeria Fights Back Against Banditry and Insecurity By Senator Iroegbu

      A Group of Terrorists/Bandits

      Nigeria Fights Back Against Banditry and Insecurity

      Engr. Suleiman Bolakale Kawu Agaka

      Engr. Kawu: A Heroic Homecoming for a Man of the People…

  • State
    • Court Dismisses Suit Seeking to Bar ICPC from Probing Bauchi Security…

      NDLEA Logo

      NDLEA Hands Over Intercepted 60 Cartons of Pregabalin to NAFDAC in…

      Police Officer

      Imo Police Raid IPOB/ESN Hideout, Arrest 18 Suspects, Recover Arms

      Kano’s Corruption Storm: A Test of Media Ethics and Public Relations…

      ICPC Secures Six-Year Jail Term for Sokoto River Basin Director

  • Event
    • Chairman NAHCON Professor Abdullahi Saleh Usman meets with Katsina State Governor Dikko Radda

      NAHCON Boss Meets Katsina Governor, Pushes for Early 2026 Hajj Payments,…

      Flier for the programs that happened for the elderly by members of BUKAA FCT

      BUKAA FCT Appreciates Sponsors after Aerobics, Football Exercises

      Prof. Abubakar Mu’azu

      UNIMAID appoints Prof. Mu’azu as Pioneer Dean, Faculty of Communication

      NIPR President Ike Neliaku

      NIPR Inducts 422 New Members, Urges Commitment to National Unity

      Baze University Management visits TETFUND, Showcases Tech-Driven Growth, National Impact

    • PR Nigeria Award
  • E-Paper
Home Economy FAAC Shares N821bn to FG, States, LGs in July 2018
  • Economy

FAAC Shares N821bn to FG, States, LGs in July 2018

By
Oise D. Johnson
-
July 28, 2018
Kemi-Adeosun Finance Minister
Kemi-Adeosun Finance Minister

FAAC Shares N821bn to FG, States, LGs in July 2018

The Federation Accounts and Allocation Committee (FAAC) at its meeting shared the total sum of N821.863 billion as revenue for the month of June, 2018, between the Federal, States and Local Government Areas.

In a communiqué issued by the Sub- Technical Committee of Federation Accounts Allocation Committee (FAAC), Office of the Accountant-General of the Federation, the gross statutory earning received for the month is N694.672 billion and is higher than N575.475 billion received in the previous month by N119.197billion.

The shared amount comprise the Month’s Statutory distributable revenue of N694.672 billion, the Value Added Tax of N85.342billion and The Excess Gain from the Forex Equalization Account of N41.848 making up the sum of N821.863 billion.

Accordingly, from Net Statutory Allocation, the Federal Government received N283.540 billion representing (52.68%); States received N143.815 billion (26.72%); Local Government Councils received N110.876 billion representing (20.60%); while the Oil Producing States received N37.408 billion as 13% derivation revenue. Meanwhile, FIRS, Nigeria Customs Service and DPR received the sum of N22.446 billion as their cost of collection and FIRS refund. There was also N100 Billion transferred to the Excess Crude Account.

Read Also:

  • Court Dismisses Suit Seeking to Bar ICPC from Probing Bauchi Security Votes
  • NDLEA Hands Over Intercepted 60 Cartons of Pregabalin to NAFDAC in Kano
  • Imo Police Raid IPOB/ESN Hideout, Arrest 18 Suspects, Recover Arms

Furthermore, from the Revenue available from the Net Value Added Tax (VAT), Federal Government received N12.289 billion (15%); States received N40.965 billion (50%) while the Local Government Councils received N28.675 billion (35%).

The Communique further explained that there was an increase in the average price of crude oil from $65.98 to $667.93 per barrel and an increase in export sales of 1.42 million barrels which resulted in increased revenue from Export sales of $101.64 billion .It further stated that other issues which negatively affected the Crude oil production were shut-ins and shut-downs of pipelines for maintenance and for repairs.

Furthermore, significant increases were recorded in Companies Income Tax (CIT ) and Oil Royalty while revenues from Import Duty, and Value Added Tax (VAT) decreased considerably in the month under review.

Meanwhile, the Minister of Finance, Mrs. Kemi Adeosun briefed the Committee on the update on the last deadlocked FAAC Meetings of the previous month, explaining that Mr. President has intervened on the matter.

She said that President Buhari directed that a new reporting template for FAAC be developed by the joint Committee of the Federal Ministry of Finance, Office of the Accountant-General of the Federation, the Nigeria National Petroleum Corporation and representative of the States, to bring about more transparency and accountability in the reporting of NNPC revenue.

Furthermore, Mrs Adeosun noted that the current reporting template has not been reviewed over a long period of time, describing the proposed template as a landmark and far-reaching reform.

Oise D. Johnson
Head, Press and Public Relations (OAGF)

VISIT OUR OTHER WEBSITES
PRNigeria.com EconomicConfidential.com PRNigeria.com/Hausa/
EmergencyDigest.com PoliticsDigest.ng TechDigest.ng
HealthDigest.ng SpokesPersonsdigest.com TeensDigest.ng
ArewaAgenda.com Hausa.ArewaAgenda.com YAShuaib.com
  • TAGS
  • faac
  • Federation Account
  • Kemi Adeosun
Previous articleIBB Mourns Former Governor Habu Hashidu
Next articleSaraki: Senator Calls El-Rufai Loose Cannon, Liar
Oise D. Johnson
Oise D. Johnson
https://prnigeria.com
PRNigeria is the pioneer Press Release Distribution agency in Nigeria. A member of image Merchant Promotions limited, PRNigeria encourages individuals and organisations to be more transparent in their information management. with dedicated Editorial staffs, the PRNigeria ensures that information provided on its platforms are timely, factual and authoritative Read more at: //prnigeria.com/about/
Facebook Twitter

RELATED ARTICLESMORE FROM AUTHOR

NAF Air Strikes Kill Scores of Terrorists, Destroy Enclaves in Borno

FG, States, LGs Share N2.225trn Revenue for August – FAAC

Tinubu Lifts State of Emergency in Rivers, Reinstates Fubara, Legislators

President Bola Ahmed Tinubu and Minister of Women Affairs Imaan Sulaiman-Ibrahim presenting a cheque to women

Renewed Hope Agenda: Group Passes Vote Of Confidence On Tinubu’s Minister, Imaan Sulaiman-Ibrahim

Nigeria Customs Aligns with Finance Ministry over 4% FOB Policy Review

Omoyele Sowore and President Bola Ahmed Tinubu

Finally, DSS Files Charge Against Sowore, Twitter, and Facebook over Anti-Tinubu Post

Members Board of Directors of Dangote Refinery

Dangote Refinery Deploys 4,000 CNG Trucks, Promises 24,000 Jobs as Fuel Queues End

Renewed Hope in Central Banking

Book Review: Renewed Hope in Central Banking – A Blueprint for Nigeria’s Economic Future By Khadijah Lawan Muhammad

NAHCON

Renewed Hope in Hajj Operations: NAHCON Records Milestone Achievements Under Tinubu Administration

Professor Isa Ali Ibrahim Pantami and Nafisa Abdullah Aminu

Global Winner Nafisa Visits Professor Isa Pantami

Omoyele Sowore, Bayo Ononuga and Adeola Ajayi

Sowore’s Provocation, Onanuga’s Plea and the DSS Overreach

Police Nab ‘Obi of Lagos,’ Foil ₦1.5 Billion New Palace Fraud

LEAVE A REPLY Cancel reply

Log in to leave a comment

Recent Posts

  • Court Dismisses Suit Seeking to Bar ICPC from Probing Bauchi Security Votes
  • NDLEA Hands Over Intercepted 60 Cartons of Pregabalin to NAFDAC in Kano
  • Imo Police Raid IPOB/ESN Hideout, Arrest 18 Suspects, Recover Arms
  • Kano’s Corruption Storm: A Test of Media Ethics and Public Relations By Umar Babangida
  • Troops Raid Illegal Arms Factory in Plateau, Arrest Suspect, Recover Weapons
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
Court Dismisses Suit Seeking to Bar ICPC from Probing Bauchi Security VotesNDLEA Hands Over Intercepted 60 Cartons of Pregabalin to NAFDAC in KanoImo Police Raid IPOB/ESN Hideout, Arrest 18 Suspects, Recover ArmsKano’s Corruption Storm: A Test of Media Ethics and Public Relations By Umar BabangidaTroops Raid Illegal Arms Factory in Plateau, Arrest Suspect, Recover WeaponsSowore vs DSS: Free Speech or Defamation? By Mohammed Bego AbdullahiNAF Air Strikes Kill Scores of Terrorists, Destroy Enclaves in BornoFG, States, LGs Share N2.225trn Revenue for August – FAACICPC Secures Six-Year Jail Term for Sokoto River Basin DirectorNAHCON Boss Meets Katsina Governor, Pushes for Early 2026 Hajj Payments, Promises Easier ExerciseKaduna Police Arrest Two Suspects Over Illegal Possession of FirearmsTinubu Lifts State of Emergency in Rivers, Reinstates Fubara, LegislatorsBadaru Joins Global Leaders at Beijing Forum on Peace, SecuritySaudi Frees Nigerian Pilgrims Framed by Drug SyndicateTroops Ambush Bandits in Plateau, Neutralise One 
X whatsapp