FG, States LGs Share N741.8b Generated in August

By Modupe Gbadeyanka

The sum of N741.843 billion generated as revenue in the month of August 2018 has been shared among the three tiers of government.

A communiqué issued by the Technical Sub -Committee of the Federation Accounts Allocation Committee (FAAC) at the end of its September meeting disclosed that the money was disbursed to Federal, States and Local Government Areas of the federation.

According to the communiqué, the gross statutory revenue received during the month was N627.139 billion, higher than the N609.975 billion received in the previous month by N17.164 billion.

Similarly, the total distributable revenue of N741.843 billion, distributed, comprised the statutory revenue of N627.139 billion, gross value added tax of N114.542 billion and an exchange gain of N162 million.

It was disclosed that there was also a saving of N40 billion into the Excess Crude Account (ECA).

Therefore, from the net statutory revenue, federal government received N274.889 billion representing 52.68 percent, states received N139.427 billion representing 26.72 percent, local government councils received N107.493 billion representing 20.60 percent, while the oil producing states received N53.034 billion also representing 13 percent derivation revenue.

Furthermore, the breakdown of distribution to the three tiers from Value Added Tax (VAT), include federal government received N16.494 billion representing 15 percent, states received N54.981 billion representing 50 percent while the local government councils received N38.486 billion, also representing 35 percent.

Meanwhile, the communiqué added that oil export sales volume rose to 4.57 million barrels resulting in an increased revenue from the federation crude oil expert sales by 0.82 million barrels when compared with the previous month’s sales volume of 3.74 million barrels.

Also, Value Added Tax (VAT), Import Duty, Petroleum Profit Tax (PPT), all recorded an increase, while Companies Income Tax (CIT) and Oil Royalty decreased.

The balance on Excess Crude Account (ECA) as at September 25, 2018 is $2.468 billion, while the balance in Excess Petroleum Profit Tax as at the same date is $0.133 billion.