FAAC shares ₦698.71 billion among FG, states and LGs in September
The Federation Account Allocation Committee on Thursday night distributed ₦698.71 billion to the three tiers of government as September allocation.
The amount represents a decline of ₦43.13 billion over the ₦741.84 billion shared in August.
The amount was shared at the FAAC meeting, which was presided over by the Minister of Finance, Mrs Zainab Ahmed.
A breakdown of the amount showed that after deducting the cost of collection to the revenue generating agencies, the Federal Government got ₦300.1 billion; the states, ₦184.43 billion; while the Local Government Councils got ₦139 billion.
The committee also allocated the sum of ₦59.09 billion to the oil producing states based on the derivation principle of 13 per cent.
A communiqué issued after the meeting, which was signed by the Accountant-General of the Federation, Ahmed Idris, put the gross statutory revenue for the month of September at ₦569.28 billion.
This, it stated, was ₦57.85 billion lower than the ₦627.13 billion realised in August.
The communiqué read in part, “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 (crude oil) pipelines, which resulted in shut-in of production at the various pipelines.
“Revenue from royalties increased significantly, while Value Added Tax, Petroleum Profit Tax and Companies’ Income Tax decreased significantly.”
Ahmed said there was a need to ensure more savings for the country.
“We have to save. We are not only saving for today, but for tomorrow,” the finance minister stated.
0 Comments