FAAC: FG, states, councils share N698.71bn

The Federal Government, 36 states and FCT as well as 774 local governments, on Thursday, shared N698.7billion for the month of September.
The Minister of Finance, Mrs Zainab Ahmed, said this in Abuja, while briefing newsmen on the outcome of the Federation Account Allocation Committee (FAAC) meeting.
Giving a breakdown of the revenue accrued in September to be distributed in October, Ahmed said N569.28 billion which was received as gross statutory revenue, was lower than the N587.1 billion shared in August by N17.8 billion.
A communiqué issued by the Technical Sub-Committee of FAAC showed that the distributable statutory revenue for the month stood at N569.28 billion and the total revenue distributable for the month was N698.7billion.
It also showed that the gross revenue available from Value Added Tax (VAT), was N75.9 billion as against N109.9 billion distributed in the preceding month, resulting in a decrease of N33.9 billion.
“We are also distributing N50 billion which has accrued from the forex equalisation account to the three tiers of government.
“There is an exchange gain also of N0.275 billion that is included in the distribution.
“So total distributable revenue to the three tiers of government for the month of October 2018 is N698.71 billion,” Ahmed said.
In the summary of the distribution, the Federal Government got N265.6 billion from statutory revenue, N11.3 billion from VAT, N0.13 billion from the exchange gain and N22.9 billion from forex equalisation fund, culminating in N300.1 billion.
The States got N134.75 billion from statutory revenue, N37.9 billion from VAT, N0.06 billion from the exchange gain and N11.6 billion from forex equalisation fund, culminating in N184.4 billion.
The Local Governments got N103.8 billion from statutory revenue, N26.5 billion from VAT, N0.05 billion from the exchange gain and N8.96 billion from forex equalisation fund, culminating in N139.4billion.
Derivation of 13 per cent of mineral revenue amounted to N59.09 billion and cost of collection/transfer and Federal Inland Revenue Service (FIRS) Refund was put at N15.57 billion.
“Crude oil export sales increased by 0.17 million barrels resulting in increased revenue to the Federation of 8.48 million dollars.
“However the average unit price dropped from $77.10 to $75.69.
Ahmed said that the report of the committee on the Excess Crude Account (ECA) was stepped down and withdrawn to enable the committee to rework and represent it at the next meeting.