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

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.