FG, State, Council Revenue Falls By N80bn

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The Federal, States and Local Governments shared N558.082 billion in October, N80 billion less than the N637.704 billion revenue shared in September,  Ahmed Idris, the Accountant-General of the Federation has said.

Idris made this known at the end of the monthly Federal Accounts Allocation Committee (FAAC) meeting on Tuesday in Abuja.

According to him, the N558billion included  proceeds from Value Added Tax (VAT).

He said the total amount shared include N423.961 billion from the Statutory Account, which is lower than the N550.992 received in the previous month.

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He said it also comprised of N83.315 billion from Valued Added Tax (VAT) and another N50.806 billion from Forex Equalisation Account.

A breakdown of the communique read to newsmen at the end of the meeting by Idris revealed that the Federal Government received N198.054 or 52 per cent of the total money shared.

He said the states received N100.456 billion or 26.72 per cent, while Local governments got N77.447 billion, representing 20.60 per cent of the sum.

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He also stated that N35.414 billion  was shared among the oil producing states as 13 per cent derivation fund.

According to Idris, the Nigeria Customs Service (NCS) remitted N50.815, Federal Inland Revenue Service (FIRS) N211.471billion  and Department of Petroleum Resources (DPR) N80.362 billion  less the cost of revenue collections.

“There is a balance of $2.309 billion in the nation’s Excess Crude Account.

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“And the Petroleum Profit Tax has a balance of $68 million, according to the accountant general of the federation.

He said that during the period under review, there was a significant increase in revenue from export sales of 176.4 million dollars due to an increase in crude oil production by 4 .12million barrels.

He, however, said the average price of crude oil decreases from 50.44 dollars to 46.29 dollars per barrel.

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Hamilton Nwosa

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