ABUJA – (OAGF Report) – A total of N619.857 billion has been distributed as federal allocation for the month of February 2019 between the Federal, States and Local Government Councils.
The communiqué issued by the Technical Sub -Committee of the Federation Accounts Allocation Committee (FAAC) at the end of its February 2019 Meeting held lately in Abuja indicates that the Gross Statutory Revenue received was N478.434 billion which is lower than the N505.246 billion received in the previous month by N26.812 billion.
According to the communique, the Federation Crude Oil Export sales increased by about 46%, resulting in increased federation revenue from $425.00 million previously to $574.95 million. It added that shut-in and shut-down persisted, while some terminals remained closed due to leaks and maintenance during the month.
“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 report stated.
“The distributable statutory revenue for the month is N478.434 billion. The total revenue distributable for the current month (including VAT, Exchange Gain, Excess Bank Charges recovered and Forex Equalization) is N619.857 billion.”
The report continued that from the total distributable revenue for the month of February 2019, the Federal Government received N257.681 billion representing 52.68%; the States received N169.925 billion representing 26.72% and the Local Government Councils received N127.722 billion representing 20.60%. It further indicated that the Oil Producing States received N50.946 billion also representing 13% derivation revenue, whilst the balance on Excess Crude Account as at 27th March 2019 was $183 million..
