FAAC: FG Shares N610.36bn Allocation To Three Tiers Of Govt. In February

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.

The News Agency of Nigeria (NAN), reports that the revenue was derived in January but was shared in February