FAAC: FG shares N610.36bn allocation to three tiers of govt. in Feb

The Accountant-General of the Federation, Mr Ahmed Idris said the Federal Government on Wednesday shared N610.36 billion, generated in January to the three tiers of government.

He said this at a news conference at the end of the monthly Federation Accounts Allocation Committee (FAAC) meeting in Abuja.

He, however, said approval was being awaited from the Minister of Finance, Mrs Zainab Ahmed for additional N50 billion from the Foreign Exchange Equalisation Account, which would be distributed accordingly.

According to him, Nigeria’s Excess Crude Account (ECA) currently stands at 249 billion dollars.

A communique issued at the end of the meeting noted that in January, the federation crude oil sales increased by 2.4 million barrels, resulting in increased federation revenue by 149.94 million dollars, in spite of a drop in price of crude oil from 81.06 dollars to 75 dollars per barrel.

In the month under review, oil royalty, import and excise duties increased substantially while Companies Income Tax (CIT) and Petroleum Profit Tax (PPT) decreased marginally.

It also said that the gross revenue of N505.24 billion was received in January, a figure lower than the N547.46 billion received in the previous month by N42.216 billion.

“The gross revenue from Value Added Tax (VAT) is N104.46 billion as against N100.76 billion distributed in the previous month, resulting in an increase of N3.708 billion.

“From the total gross revenue from VAT, the Federal Government received N15.04 billion, the States received N50.14 billion, while the LGAs received N35.10 billion and the revenue generating agencies received N1.17 billion,” it stated.

The communiqué also showed that the Federal Government received N252.41 billion, the States received N170.54 billion, while the Local Government Areas (LGAs) received N127.923 billion.

It also indicated that the oil producing states received N41.99 billion as 13 per cent derivation revenue, while the revenue generating agencies received N17.50 billion as cost of revenue collection.

Our correspondent reports that the revenue was derived in January but was shared in February.