WorldStage Newsonline– Nigeria’s federal, states and local governments shared a total of N788.139 billion from federation revenue that accrued in the month of October.
The gross statutory revenue for the month was N682.161 billion, which was higher than the N569.281 billion received in the previous month by N112.880 billion.
The Accountant-General of the Federation, Ahmed Idris, who read out a statement to journalists at the end of the Federation Account Allocation Committee (FAAC) meeting in Kaduna on Wednesday, said crude oil export sales increased by 0.82 million barrels, resulting to increased revenue to Federation of $54.19 million.
“However, the average unit price dropped further from $75.69 to $73.92.
“The shut-in and shut down of pipelines at various terminals persisted due to leaks and maintenance.
“Revenues from oil and Gas royalties, petroleum profit tax and value added tax increased significantly while companies Income Tax, Import and Excise duties increased only marginall.”
He said reports of revenue collection agencies and military pensions were read and adopted.
This was just as he added that the next FAAC meeting has been fixed to mid-December in Abuja.
