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Home Economy FAAC: FG, States, LGCs Share N788bn for October 2018
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FAAC: FG, States, LGCs Share N788bn for October 2018

By
Oise D. Johnson
-
November 28, 2018
Ahmed+Idris+AGF FAAC
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.

Read Also:

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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.

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Oise D. Johnson
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"No Pay, No Work": ASUU Orders Members to Commence Nationwide StrikeFrom Lake Chad to the Atlantic: The Nigerian Navy’s Rise as a Force for National and Continental Stability By Musa IlallahNPF Champions Regional Security Collaboration as IGP Attends 13th AFRIPOL Meeting in AlgeriaNigeria Customs Takes Anti-Money Laundering Fight to the SkiesWhat Life Really Looks Like for Nigerians Battling Sickle Cell, By Hafsat IbrahimPolice Bust Kidnapping, Cult Gangs, Arrest 8 Suspects, Recover WeaponsNDLEA Destroys Cannabis Farms, Seizes 345kg of Drugs, Arrests 37 Suspects in EdoGroup Condemns Amaechi’s Comment as Inciteful, DangerousScores of Terrorists Eliminated as NAF Bombs Boko Haram Camps in Mandara MountainsTroops Foil Coordinated Bandits Attacks, Rescue Kidnap Victims in KatsinaNAF Airstrikes Crush Terrorist Camps in Mandara Mountains, Kill Senior JAS FightersAt BRICS Summits, Tinubu Pushes for Equality in Global Finance, Health SystemsTroops Nab Notorious Militia, Recover Weapons in Plateau StateCan Nigeria Lead Africa’s AI Revolution? By Shittu Yunus ShittuTinubu to Troops: You Have My Full Backing to Crush Terrorists, Separatists
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