By Tony Obiechina, ABUJA
The Federation Accounts Allocation Committee (FAAC) on Wednesday shared a total of N619.857 billion being federally generated revenue to the three tiers of government for the month of February 2019.
In a communique at the end of its meeting in Abuja, the Committee announced that as at 27th March 2019, the Excess Crude Account stood at $183 million. The total distributable revenue of N619.857 billion comprised revenues from various sources namely: distributable statutory revenue, Value Added Tax (VAT), Exchange Gain, Excess Bank Charges recovered and Forex Equalization. The gross statutory revenue for the month was N478.434 billion; revenue from Value Added Tax (VAT) was N96.389 billion; Exchange Gain was N0.858 billion and Forex Equalisation revenue was N44.176 billion. According to the communique, from the total revenue of N619.857 billion, the Federal Government received N257.681 billion, the States received N169.925, the Local Government Councils received N127.722 billion.
The Oil Producing States received N50.946 billion as 13% derivation revenue and the Revenue Generating Agencies received N13.582 billion as cost of revenue collection. Briefing the press at the end of the meeting, Director of Funds in the Federal Ministry of Finance, Mohammed Usman disclosed that the gross statutory revenue of N478.434 billion received for the month of February 2019 was lower than the N505.246 billion received in the previous month by N26.812 billion. The gross revenue from Value Added Tax (VAT) was N96.389 billion as against N104.468 billion distributed in the previous month, resulting in a decrease of N8.079 billion. From the total revenue from VAT, the Federal Government received N13.880 billion, the States received N46.267 billion, the Local Government Councils received N32.387 billion and the Revenue Generating Agencies received N3.855 billion.
The federation crude oil sales increased by about 46%, resulting in increased federation revenue from $425.00 million previously to $574.95 million.
