FAAC: Allocation decreases as FG, States, LGs share N558bn in Oct

Accountant-General of the Federation, Mr Ahmed Idris, said the Federal Government, States and Local Governments shared N558.082 billion in October compared to N637.704 shared in September.
Idris made this known at the end of the monthly Federal Accounts Allocation Committee (FAAC) meeting on Tuesday in Abuja.
According to him, the sum is inclusive of Value Added Tax (VAT).
He said that the sum indicated a decrease in the revenue shared by the three-tiers of government of N130.428 billion for October.
He said the total amount shared include N423.961 billion from the Statutory Account, which is lower than the N550.992 recieved in the previous month.
He said it also comprised of N83.315 billion from Valued Added Tax (VAT) and another N50.806 billion from Forex Equalisation Account.
A breakdown of the communique read to newsmen at the end of the meeting by Idris revealed that the Federal Government received N198.054 or 52 per cent of the total money shared.
He said the states received N100.456 billion or 26.72 per cent, while Local governments got N77.447 billion, representing 20.60 per cent of the sum.
He also stated that N35.414 was shared among the oil producing states as 13 per cent derivation fund.
According to Idris, the Nigeria Customs Service (NCS) remitted N50.815, Federal Inland Revenue Service (FIRS) N211.471 and Department of Petroleum Resources (DPR) N80.362 minus cost of revenue collections.
“There is a balance of $2.309 billion in the nation’s Excess Crude Account.
“And the Petroleum Profit Tax has a balance of $68 million, according to the accountant general of the federation.
He said that during the period under review, there was a significant increase in revenue from export sales of 176.4 million dollars due to an increase in crude oil production by 4 .12million barrels.
He, however, said the average price of crude oil decreases from $50.44 to $46.29 per barrel.