The Federal Government, States and Local Governments, on Wednesday shared ₦788.13 billion as federal allocation for the month of October at the Federation Account Allocation Committee (FAAC) meeting.
A statement issued by Mr Oise Johnson, Head, Press and Public Relations, Office of the Accountant-General of the Federation (OAGF), said the meeting was held after the 2018 National Council On Finance and Economic Development (NACOFED), in Kaduna.
He said that the figure distributed was higher than the ₦698.7 billion shared for the month of September by ₦89.42 billion.
Oise said a communique signed by the Accountant-General of the Federation, Mr Ahmed Idris was issued at the end of the meeting.
“The communiqué issued by the Technical Sub -Committee of FAAC indicates that the gross statutory revenue received is ₦682.16 billion which is higher than the ₦569.28 billion received in the previous month by ₦112.88 billion.
“In the same vein, crude oil export sales increased by 0.82 million barrels, resulting in an increased revenue to the federation of 54.19 million dollars.
“However, the average unit price dropped further from 75.69 dollars to 73.92 dollars.
“The distributable statutory revenue for the month was ₦682.16 billion, while, the total revenue distributable for the current month (including Value Added Tax (VAT) and Exchange Gain Difference) was ₦788.13 billion.’’
In the summary of the distribution, the Federal Government got N284.3 billion from statutory revenue, ₦15.14 billion from VAT, N0.372 billion from the exchange gain, culminating in ₦299.9 billion.
The states got ₦144.2 billion from statutory revenue, ₦50.48 billion from VAT, ₦0.18 billion from the exchange gain, culminating in ₦194.9 billion.
The Local Governments got ₦111.2 billion from statutory revenue, ₦35.3 billion from VAT, N0.145 billion from the exchange gain, culminating in ₦146.6 billion.
The oil producing states received ₦58.09 billion also representing 13 per cent derivation revenue.
The communique also said that the cost of collection, transfer and Federal Inland Revenue Service (FIRS) refund came up to N 88.421 billion.
The communique said that 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 VAT increased significantly, while Companies Income Tax (CIT), import and excise duties increased only marginally.’’
The NACOFED conference which ended on Wednesday, was held for State Commissioners for Finance, Accountants-General of states, staff of FIRS, Budget Office of the Federation, Debt Management Office and other stakeholders in the finance sector. (NAN)