FAAC Allocates N619.9bn to FG, States, LGs in March

By Dipo Olowookere

The three tiers of government in Nigeria have shared total of N619.9 billion in the month of March 2019 from the revenue generated last month.

A statement issued on Wednesday by the Head of Press and Public Relations in the Office of the Accountant-General of the Federation (OAGF), Mr Oise Johnson, disclosed that the money was allocated to the Federal, States and Local Government Councils.

According to the Technical Sub-Committee of the Federation Accounts Allocation Committee (FAAC) at the end of its monthly meeting in March 2019, the Gross statutory revenue received was N478.434 billion, lower than the N505.246 billion received in the previous month by N26.812 billion.

Federation Crude Oil Export sales increased by about 46 percent resulting in increased Federation Revenue from $425.00 million previously to $574.95 Million. Shut-in and Shut-down persisted while some terminals remained closed due to leaks and maintenance.

Petroleum Profit Tax (PPT) increased significantly while Companies Income Tax (CIT) recorded a marginal increase.

Revenues from Value Added Tax (VAT), Oil Royalty, Import and Excise Duties decreased in February 2019.

The distributable Statutory Revenue for the month was N478.434 billion, while the total revenue distributable for the current month (including VAT, Exchange Gain, Excess Bank Charges recovered and Forex Equalization) was N619.9 billion.

Therefore, from the total distributable revenue for the month, the federal government received N257.681 billion representing 52.68 percent; states received N169.925 billion representing 26.72 percent; local government councils received N127.722 billion representing 20.60 percent; while the oil producing states received N50.946 billion also representing 13 percent derivation revenue, while the balance on the Excess Crude Account as at March 27, 2019 was $183 million.