By Tony Obiechina, ABUJA
The Federation Account Allocation Committee (FAAC) disbursed a total of N788.139 billion to the three tiers of government for the month of October, 2018.
This figure surpassed the N698.710 billion shared by the benefitting entities the previous month.
Accountant General of the Federation (AGF), Mr Ahmed Idris released the figures at the end of the November FAAC meeting held in Kaduna on Wednesday.
According to a statement by the Special Adviser to the Minister of Finance, Mr. Paul Abechi in Abuja, a breakdown of the figures shows the Federal Government received N284.396 billion; state governments, N144.249, while the 774 local government councils received N111.210 billion.
N58.092 was allocated to the oil mineral producing states under the 13% derivation principles while, N84.214 billion was disbursed under the Cost of Collection/Transfers/FIRS refund.
With regards to the Value Added Tax (VAT) distributions for the month, a total of N105.172 billion was disbursed with the federal government receiving N15.145 billion; state governments and the Federal Capital Territory (FCT) keeping N50.483 billion and local government councils receiving N35.338 billion. N4.207 billion was allocated to the Cost of Collection/Transfers/FIRS refund for VAT.
N806 million was shared as proceeds of Exchange Gain with the federal government receiving N372 million; state governments, N188 million; local government councils N145 million and beneficiaries of the 13% of mineral revenue derivation receiving N101 million.
In his comment, the AGF said the gross statutory revenue of N682.161 billion received for the month was higher than the N569.281 billion received in the previous month by N112.880 billion.
He attributed the increase to crude oil export sales which he said increased by 0.82 million barrels resulting in increased revenue to the Federation of $54.19 million. However, the average unit price dropped further from $75.69 to $73.92.
He said, “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 (PPT) and Value Added Tax increased significantly while Companies Income Rax (CIT), import and excise duties increased only marginally”.
