FAAC: FG, States, LGs share N637.7bn

Accountant-General of the Federation, Mr. Ahmed Idris, said on Thursday that the Federal Government, States and Local Governments have shared N637.704 billion in September
Idris made this known at the end of the monthly Federal Accounts Allocation Committee (FAAC) meeting in Abuja.
He said that the sum indicated a rise in the revenue shared by the three-tiers of government of N169 billion for September compared to about N467.8 billion shared in August.
According to him, the sum is inclusive of Value Added Tax (VAT).
“Total revenue statutory gross is N550.992 billion, there is also an element of VAT of N86.712 billion, making it a total of N637.704 billion.
“And this figure is distributed among the three-tiers of government after deduction of relevant cost of collection due to the revenue generating agencies.
“On the whole, the Federal Government out of the gross statutory revenue got N263.609 billion, States received N132.184 billion and Local Government received N101.908 billion.
“On the whole, it is evident from the records and from what we have distributed today that the figure distributed this month is by far greater than the distribution for the previous month by N169,852 billion.”
According to Idris, there is derivation to the oil producing states of N41.977 billion.
He said there was also an element of value added tax that was generated to the tune of N86.712 billion which was distributed among the three-tiers of government.
He said the Federal Government got N12.87 billion; State government got N41.622 billion while the Local Government got N29.135 billion, “making a total of N83.244 billion; that is after deduction of cost of collection’’.
Idris said that the balance in Excess Crude Account (ECA) stood at 2.309 billion dollars as at Sept. 27, 2017, adding that,“there is also the excess Petroleum Pofit Tax (PPT) of 68 million dollars”.
He said that during the period under review, there was a decrease in the average price of crude oil from 51.05 to 50.44 dollars per barrel.
He said that there was a significant increase in export volume by 0.85 million barrels and an export sales revenue for the federation increased by 41 million dollars.
“The perennial challenges of shut-ins and shot downs at terminals caused minimal negative impact on crude oil operations during the period.
“There were significant increases in revenue from companies income and petroleum profit taxes. Also import and excise duties and VAT recorded marginal increases,’’ he said.