FAAC: FG, states, councils share N617.566bn for March 2019

Federal, states and local governments Tuesday shared N617.566 billion from the federation account for the month of March 2019.

A communiqué issued by the Technical sub -Committee of Federation Accounts Allocation Committee (FAAC) released at the end of its meeting in Abuja, indicated that gross statutory revenue amounted to N446.647 billion.

The figure was lower than the N478.434 billion shared last month by N31.787 billion.

Also, the N92.181 realised from Value Added Tax (VAT) was a decrease of N96.389 billion figure of the previous month, with N4.208 billion.

There was also N653 million from foreign exchange gain; N13.085 billion from forex equalisation; N55.000 billion from Good & Valuable Consideration as well as N10.000 billion added by NNPC.

From net distributable revenue for the month, Federal Government received N257.758; states received N168.254 billion; local government councils received N126.575 billion.

Oil producing states received N49.823 billion representing 13 per cent derivation of mineral revenue.

Nigerian Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) transfer and FIRS refund gulped N15.156 billion.

Furthermore, the distribution of the Value Added Tax (VAT) realised, is thus: Federal Government received N13.274 billion representing 15 per cent; states received N44.247 billion representing 50 per cent while the Local Government Councils received N30.973 billion also representing 35 per cent.

The communique also showed the breakdown of allocation from the Statutory revenue generated as thus: Federal Government N208.394 billion representing 52.68 per cent; States Government N105.700 billion, Local Government Council received N81.490 billion.

The Communique further explained that Federation Crude oil export sales increased by about 49.18 per cent due to the increase in lifting volume, which resulted in increased Federation Revenue of about $240.23 Million.

Also, the average crude oil price increased from $63.62 to $79.06 per barrel.

However, lifting operations were adversely affected by production Shut-in, Shut-down at various Terminals due to technical issues, leaks and maintenance.

There was also a remarkable increase in Revenues from Oil Royalty, Import and Excise Duties, while Petroleum Profit Tax (PPT) and Company Income Tax (CIT) decreased significantly.

The balance on Excess Crude Account is $183 Million.