Home / Business & Economy / Finance & Investment / FAAC shares N619,857b to FG, states and local governments

FAAC shares N619,857b to FG, states and local governments

FEDERAL Accounts Allocation Committee(FAAC) has shared N619,857 billion federal revenue generated in the month of February 2019 among the three tiers of governments

This is just as the FAAC has announced that the Excess Crude Account has the sum of $183million as at March 27, 2019.

A communique issued by FAAC indicated that from the total revenue of N619,857 billion Federal Government received N257.681 billion, while states and local governments got N169.925 billion and N127.722 Billion respectively.

Director of Information, Ministry of Finance, Hassan Dodo made this known yesterday in a statement said the total revenue distributable comprised revenue from various sources including distributable statutory revenue, Value Added Tax ( VAT), exchange gain, Excess Bank charges recovered and forex equalization

According to the statement, the gross statutory revenue for the month was N 478.434 billion; revenue from VAT was N96.389 billion, Exchange gain was N0.858billion while forex equalisation revenue was N44,176 billion

Oil producing states got N50.946 billion as 13% derivation revenue while the revenue generating agencies received N13.582 billion as cost for revenue collection.

The gross statutory revenue of N 478.434 billion which was received for the month of February was lower than N505.246 billion received in the previous month by N26.812billion.

The gross revenue from VAT was N96.389 billion as against N104.468 billion distributed in the previous month, resulting in a N8.079 billion decrease.

From the total revenue from VAT, the FG received N13.880 billion, the states received N46.267 billion, while the local government received N32.387 billion while revenue generation agencies received N3.855 billion

The communique also revealed that for the month of January 2019, the federation crude oil sales increased by 46% which resulted in the increase of federal revenue from $425million to about $574.95 million

About NigerianFlightDeck

mm
Nigerianflightdeck is an online news and magazine platform reporting business stories with a bias for aviation and travel. It is borne out of the intention to inform, educate as well as alter perceptions with balanced reportage.

Check Also

UBA says diversification, stable funding structure will strengthen bank despite operating environment

UNITED Bank for Africa (UBA) Plc has stated that its well diversified asset book supported …

Shareholders approve 15k per share as dividend for Transcorp Hotels plc

Lauds company’s  impressive performance AFRICA’s leading hospitality brand, Transcorp Hotels Plc recorded a 26% increase …

Tony Elumelu Foundation Entrepreneurship Programme application closes March 1

founded by Abiodun Adereni, Help Mum, a Nigerian based enterprise that provides low-cost birth kits to prevent child and maternal mortality recently won the first ever Google Nigeria Impact Challenge and has attracted additional capital investments; iMed Tech, founded by Nneile Nkholise, innovates in the medtech space in South Africa by using technology to create breast prostheses for women with breast cancer;

CCNN tops gainers, Newrest ASL led losers as Equities Market rises 0.58%

CEMENT Company of Northern Nigeria (CCNN) led the gainers chart as Newrest ASL Nigeria led …

Delta Air Lines announces December Quarter and full year 2018 profit

DELTA AIR LINES has reported financial results for the December quarter and full year 2018. …

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this:
Skip to toolbar