ABUJA – (Office of Accountant – General of the Federation Report) – A total of N648.710 billion has been distributed as federal allocation for the month of September 2018 between the Federal, States and Local Government Councils in Nigeria. The communiqué issued by the Technical Sub-Committee of the Federation Accounts Allocation Committee (FAAC) at the end of the meeting lately indicated that the gross statutory revenue received was N569.281 billion which is lower than the N627.139 billion received in the previous month by N57.858 billion. According to the report, crude oil export sales increased by 0.17 Million barrels resulting in increased revenue to the federation by $8.48 Million.
However, the average unit price, it said dropped from $77.10 to $75.69. Also, there was shut – down of pipelines which resulted to the shutting in of production at various pipelines. The report added that the revenue from royalties increased substantially, whilst the Value Added Tax (VAT), Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) decreased significantly. “The distributable statutory revenue for the month was N569.281 billion. The total revenue distributable for the current month (including VAT and Exchange Gain Difference) is N648.710 billion. The gross revenue available from the Value Added Tax (VAT) was N79.154 billion as against N114.542 billion distributed in the preceding month, resulting to a decrease of N35.388 billion,” the report explained.
“Therefore from the revenue available from the Statutory, Value – Added Tax (VAT) and Exchange Gain Difference, the Federal Government received N277.197 billion, representing 15%, whilst the States received N172.810 billion representing 50% and the Local Government Councils received N130.534 billion representing 35%. On the issues of derivation which is 13% of mineral revenue, N52.596 was received by the states concerned, with the cost of Collection /Transfer/FIRS Refund amounting to N15.572.
The communiqué further indicated that in the course of the meeting, an additional N50 billion was shared from the Exchange Rate Equalisation Balance, making a total of N698.710 billion shared. Adding, the balance on the Excess Crude Account as at 24th October 2018 was $2.090 billion, whilst the balance in Excess Petroleum Profit Tax as at the same date was $0.133 billion.
