Thursday , 6 October 2022

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

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