Accounts Allocation: FG, Others Share N788.139 Billion for October 2018

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KADUNA – (OAGF Report) – A total of N788.139 billion has been distributed as Federal Allocation for the month of October, 2018 between the Federal Government, State Governments and Local Government Councils in Nigeria.

The communiqué issued by the Technical Sub-Committee of the Federation Accounts Allocation Committee (FAAC) at the end of the special session held in Kaduna, after the 2018 National Council on Finance and Economic Development (NACOFED) indicated that the Gross Statutory Revenue received was N682.161 billion which is higher than the N569.281 billion received in the previous month by N112.880 billion.

According to the report, crude oil export sales increased by 0.82 million barrels, resulting in increased revenue of $54.19 million to the federation. However, the average unit price dropped further from $75.69 to $73.92 and the Distributable Statutory Revenue for the month was N682.161 billion; whilst, the total revenue distributable for the current month, including VAT and Exchange Gain Difference was N788.139 billion.

“Therefore, from the Net Statutory Revenue, the Federal Government received N299.912 billion representing 52.68%; the States received N194.920 billion representing 26.72% and the Local Government Councils received N146.693 billion representing 20.60%. Also, the Oil Producing States received N58.193 billion which represents 13% derivation revenue and the Cost of Collection, Transfer and DPR Refund came up to N 88.421 billion,” the report stated.

“However, the shut-in and shut -down of pipelines at various terminals persisted due to leaks and maintenance. Revenues from Oil and Gas Royalties, Petroleum Profits Tax (PPT) and Value – Added Tax (VAT) increased significantly, while Companies Income Tax (CIT), Import and Excise Duties increased only marginally.”

The NACOFED conference was held for State Finance Commissioners, Accountants-General of States, the Federal Inland Revenue Service, the Budget Office of the Federation, Debt Management Office of the Federation and other stakeholders in the finance sector.