FAAC: FG, states, LGAs share N788.139bn in October

Figures obtained at the end of the November FAAC meeting in Kaduna showed that the N788.139 billion shared among the three tiers of government surpassed the N698.710 billion shared the previous month.

Uche Usim, Abuja

The Federal Government, states and Local Government Areas (LGAs) shared N788.139 billion as October revenue alloted by the Federation Account Allocation Committee (FAAC).

READ ALSO: FG, states, LGAs shared N2.28tr in Q3 –NEITI

This is as the committee finally adopted a fresh revenue disclosure template as earlier directed by President Muhammadu Buhari, to address revenue remittance discrepancies.

With the adoption of the new revenue template, funds remitted into the federation account grew by N112.88 billion.

Figures obtained at the end of the November FAAC meeting in Kaduna showed that the N788.139 billion shared among the three tiers of government surpassed the N698.710 billion shared the previous month.

The breakdown of the figures released by the Accountant General of the Federation (AGF), Idris Ahmed, showed that beneficiaries of the statutory allocation for the October disbursements shared N682.161 billion with the Federal Government keeping N284.396 billion; state governments, N144.249; and the 774 local government councils pocketing N111.210 billion.

N58.092 billion was allocated to the oil mineral producing states under the 13 percent derivation principles while N84.214 billion was disbursed under the Cost of Collection/Transfers/FIRS refund.

With regard to the Value Added Tax (VAT) distributions for the month, a total of N105.172 billion was disbursed with the Federal Government receiving N15.145 billion; state governments and the Federal Capital Territory (FCT) keeping N50.483 billion and local government councils receiving N35.338 billion; N4.207 billion was allocated to the Cost of Collection/Transfers/FIRS refund for VAT.

The sum of N806 million was shared as proceeds of Exchange Gain with the Federal Government receiving N372 million; state governments, N188 million; local government councils, N145 million and beneficiaries of the 13 percent of mineral revenue derivation receiving N101 million.

The AGF, Mr. Ahmed Idris, said the gross statutory revenue of N682.161 billion received for the month was higher than the N569.281 billion received in the previous month by N112.880 billion.

He attributed this increase to crude oil export sales, which he said increased by 0.82 million barrels resulting in increased revenue to the federation of $54.19 million. However, the average unit price dropped further from $75.69 to $73.92.

Also, “the Shut-in and Shut-down of pipelines at various terminals persisted due to leaks and maintenance,” the AGF said.

“Revenues from oil and gas royalties, Petroleum Profit Tax (PPT) and VAT increased significantly while Companies Income Tax (CIT), import and excise duties increased only marginally,” Idris explained.

READ ALSO: FIRS records N4.3tr revenue collection in October

The post FAAC: FG, states, LGAs share N788.139bn in October appeared first on The Sun Nigeria.

Source: news

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