By Tony Obiechina The Federal, states and local governments on Thursday shared a total of N698.710 billion for the month of September 2018 in Abuja.
The gross statutory revenue for the month was N569.281 billion, which was lower than the N627.139 billion shared in August by N57.858 billion.
The Minister of Finance, Mrs Zainab Shamsuna Ahmed, who presided over the monthly Federation Account Allocation Committee (FAAC) meeting welcomed members and stressed on the need for the three tiers of government to save.
A statement by the special adviser to the minister of finance on media and communications, Mr Paul Ella Abechi, said the Minister tasked members of the committee on the need to maintain transparency and instill a saving culture for the rainy day.
She said, “We have to save. We are not only saving for today but for tomorrow.”
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 said the distributable statutory revenue for the month at N569.281 billion and the total revenue distributable for the month stood at N698.710 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 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 and local governments got N172.810 billion and 130.534 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.
“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 rework and represented it at the next meeting.