FAAC shares N610.368bn to FG, States and LGs in February 2019

Following the conclusion of the presidential and National Assembly elections, the Federation Accounts Allocation Committee (FAAC) has shared to the three tiers of government a total of N610.368 billion federal revenue generated in the month of January 2019, but shared in February 2019.

The Accountant General of the Federation (AGF), Ahmed Idris, while briefing the press at the end of the Federation Account Allocation Committee (FAAC) meeting in Abuja, Wednesday, said approval is being awaited from the Minister of Finance for additional N50 billion from the Foreign Exchange Equalization Account, which will be distributed accordingly.

The AGF also disclosed that the balance in the Excess Crude Account (ECA) currently stands at $249 billion.

A communique issued by the Federation Account Allocation Committee indicates that from the N610.368 billion, the Federal Government received N252.412 billion, the States received N170.541, the Local Government Councils received N127.923 billion. The Oil Producing States received N41.992 billion as 13% derivation revenue and the Revenue Generating Agencies received N17.500 billion as cost of revenue collection.

For the month of January 2019, the gross revenue of N505.246 billion was received in the month of January 2019. This was lower than the N547.462 billion received in the previous month by N42.216 billion.

The gross revenue from Value Added Tax (VAT) was N104.468 billion as against N100.760 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 N15.044 billion, the States received N50.145 billion, the Local Government Councils received N35.102 billion and the Revenue Generating Agencies received N1.178 billion.

The communique stated that for the month of January 2019, the federation crude oil sales increased by 2.4 million barrels, resulting in increased federation revenue by $149.94 million despite a drop in price of crude oil from $81.06 to $75.00 per barrel. In the month under review, oil royalty, import and excise duties increased substantially while Companies Income Tax (CIT) while Petroleum Profit Tax (PPT) decreased marginally.