WorldStage Newsonline– The Federal, states and local governments in Nigeria have shared a total of N698.710 billion for the month of September 2018.
The Minister of Finance, Mrs Zainab Shamsuna Ahmed, who presided over the monthly Federation Account Allocation Committee (FAAC) meeting on Thursday in Abuja emphasised on the need for the three tiers of government to save for the raining days.
A communique issued by the Technical Sub-Committee of FAAC after its meeting held on Wednesday, October 24, 2018 and signed by the Accountant-General of the Federation, Ahmed Idris put the distributable statutory revenue for the month at N569.281 billion and the total revenue distributable for the month at N698.710 billion.
According to the breakdown for the month of September shows that the gross revenue available from the VAT was N79.154 billion as against N114.542 billion distributed in the preceding month, resulting in a decrease of N35.388 billion.
The report also indicated that while the federal government got N277.197 billion, the state received N172.810 while local governments got130.534 billion respectively.
Derivation (13% of mineral revenue) amounts to N52.596 billion and cost of collection/transfer and FIRS Refund was put at N15.572 billion.
“Crude oil export sales increased by 0.17 million barrels resulting in increased revenue to the Federation of $8.48 million. However the average unit price dropped from $77.10 to $75.69.
“There was shutdown of pipelines which resulted in shut in of production at various pipelines. Revenue from Royalties increased significantly while Value Added Tax (VAT), Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) decreased significantly.
“The distributable Statutory Revenue for the month is N569.281 billion. The total revenue distributable for the month (including VAT and Exchange Gain Difference) is N648.710 billion.
“The next FAAC meeting will hold during National Council of Finance and Economic Development (NACOFED), proposed for Wednesday, November 28, 2018 in Kaduna.”
Meanwhile, the report of the committee on the Excess Crude Account (ECA) was stepped down and withdrawn to enable the committee to reworked and represented it at the next meeting.
