FAAC: FG, states, LGs share N788.1bn for October

Federal Government, states, FCT as well as the 774 local governments on Wednesday shared N788.1 billion for October.

Accountant-General of the Federation, Mr Ahmed Idris, disclosed this in a statement made available to journalists on Wednesday after the Federation Account Allocation Committee meeting in Kaduna.

Idris said the N682.1 billion gross statutory revenue for the month was N112.2 billion higher than the N569.2 billion shared in September.

He added that gross revenue available from Value Added Tax (VAT) for the month was N105.1 billion as against the N79.1 billion distributed in September, indicating an increase of N29 billion.

Idris said while the statutory revenue for the month was N682.1 billion, the total revenue distributable for October, including VAT and Exchange Gain Difference, was N788.1 billion.

“Crude oil export sales increased by 0.82 million barrels resulting in increased revenue of $54.1 million dollars to the federation.

“Derivation of 13 percent mineral revenue amounted to N58.2 billion and cost of collection, transfer, and Federal Internal Revenue Service refund was N88.4 billion.

“This amounted to N788.1 billion available for distribution.

“However, the average unit price dropped further from 75.6 dollars to 73.9 dollars.

“Also, revenues from oil and gas royalties, petroleum profit tax and VAT increased significantly while company income tax, import and excise duties witnessed a marginal increase,” he said.

The summary of the distribution indicates that the Federal Government got N284.3 billion from statutory revenue, N15.1 billion from VAT and N0.37 billion from exchange gain, amounting to N299.9 billion.

State governments got N144.2 billion from statutory revenue, N50.4 billion from VAT and N0.18 billion from exchange gain, cumulating in N194.9 billion.

Local governments got N111.2 billion from statutory revenue, N35.3 billion from VAT and N0.14 billion from exchange gain, amounting to N146.6 billion.

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