FAAC: FG, States, LG Share N558b in October

By Modupe Gbadeyanka

Money shared by the three tiers of government in the month of October 2017 depreciated by N79.6 billion, the Accountant-General of the Federation (AGF), Mr Ahmed Idris, revealed on Tuesday in Abuja after the monthly Federal Accounts Allocation Committee (FAAC) meeting.

Mr Idris said this made the amount shared by the Federal, States and Local Governments this month to be N558.082 billion in contrast to N637.704 billion shared in September.

In a communiqué read to journalists after the meeting yesterday, the AGF said from the allocation, Federal Government got N198.054, while the states received N100.456 billion, and N77.447 billion given to the 774 local governments in the country.

He added that the sum of N35.414 was shared among the oil producing states as 13 percent derivation fund.

The AGF said the amount shared this month included N423.961 billion from the Statutory Account, N83.315 billion from Valued Added Tax (VAT), and N50.806 billion from the Forex Equalisation Account.

Giving a breakdown of how the money was raised, Mr Idris said the Nigeria Customs Service (NCS) remitted N50.815 billion, Federal Inland Revenue Service (FIRS) N211.471 billion, and the Department of Petroleum Resources (DPR) paid N80.362 billion minus cost of revenue collections.

He told newsmen that a balance of $2.309 billion is left in the nation’s Excess Crude Account, while the Petroleum Profit Tax balance is $68 million.

According to him, there was a significant increase in revenue from export sales of $176.4 million in the period under review due to an increase in crude oil production by 4.12million barrels. However, he said the average price of crude oil decreases from $50.44 to $46.29 dollars per barrel.