FAAC: FG, States, LGs share N788.13bn Oct., higher than Sept. by N89.42bn - Waffi Tv

FAAC: FG, States, LGs share N788.13bn Oct., higher than Sept. by N89.42bn

Waffi TVNovember 28, 2018

Abuja – The Federal Government, States, and Local Governments, on Wednesday a total of  N788.13 billion was shared as federal allocation for the month of October at the Federation Account Allocation Committee (FAAC) meeting. The communiqué issued by the Technical Sub -Committee of Federation Accounts Allocation Committee (FAAC) at the end of the special session held in Kaduna, after the 2018 National Council On Finance and Economic Development (NACOFED), indicated that the Gross statutory revenue received is N682.161 billion which is higher than the N569.281 billion received in the previous month by N112.880 billion.
In the same vein, Crude oil export sales increased by 0.82 Million barrels resulting in an increased revenue to the Federation of $54.19 Million. However, the average unit price dropped further from $75.69 to $73.92. The distributable Statutory Revenue for the month is N682.161 billion. While the total revenue distributable for the current month (including VAT and Exchange Gain Difference) is N788.139 billion. Therefore, from the Net Statutory revenue, Federal Government received N299.912 billion representing 52.68%; States received N194.920 billion representing 26.72%; Local Government Councils received N146.693 billion representing 20.60%; while the Oil Producing States received N58.193 billion also representing 13% derivation revenue. The Cost of Collection, Transfer and DPR Refund came up to N 88.421 billion. However, the Shut-in and Shut -down of Pipelines at various Terminals persisted due to leaks and maintenance. Revenues from Oil and Gas Royalties, Petroleum Profits Tax (PPT) and Value Added Tax (VAT) increased significantly while Companies Income Tax (CIT), Import and Excise duties increased only marginally. The NACOFED conference was held for State Commissioners for Finance, Accountants-General of states, Federal Inland Revenue Service, Budget Office of the Federation, Debt Management Office of the Federation and other Stakeholders in the Finance Sector. Oise D. Johnson Head Press & Public Relations, OAGF November 28th, 2018.

Categories

(7) comments

  • best cast iron woksFebruary 17, 2022Reply

    Wow, this hit the nail right on the head. Great post buddy.. I can’t wait for your next article. Thanks for the great share pal. Cheers

  • Jeramy TentFebruary 13, 2022Reply

    Great – I should definitely say I’m impressed with your site. I had no trouble navigating through all the tabs as well as related info. The site ended up being truly easy to access. Excellent job.

  • best hair clippersFebruary 6, 2022Reply

    This may be the right blog for everyone who is really wants to find out about this topic. You already know a great deal of its practically not easy to argue on hand (not too When i would want…HaHa). You definitely put a brand new spin on a topic thats been discussed for many years. Wonderful stuff, just great!

  • I was suggested this web site via my cousin. I’m not certain whether this submit is written through him as no one else realize such targeted about my problem. You are incredible! Thank you!

  • It’s nearly impossible to find knowledgeable folks on this topic, but the truth is could be seen as do you know what you are dealing with! Thanks

  • I am often to blogging and i genuinely appreciate your content. This great article has really peaks my interest. I am going to bookmark your web site and keep checking for brand spanking new info.

  • Gerçekten inanilmaz ya neler var neler 🙂

Leave a comment

Name *
Add a display name
Email *
Your email address will not be published
Website