The federal, states and local governments Wednesday shared a total of N788.139 billion for the month of October as the Federation Account Allocation Committee (FAAC) meeting ended in Kaduna.

The N788.139 billion shared is higher than the N698.710 billion shared the previous month (September).

The Special Adviser to the Minister of Finance, Mr. Paul Ella Abechi, in a statement said the breakdown of the figures released by the Accountant General of the Federation (AGF) shows that the federal government got N284.396 billion, state governments, (N144.249) while the 774 local governments received N111.210 billion.

Oil mineral producing states received N58.092 under the 13 per cent derivation principle while N84.214 billion was disbursed under the Cost of Collection/Transfers/FIRS refund.

A total of N105.172 billion Value Added Tax (VAT) collections for the month were disbursed with the federal government receiving N15.145 billion; state governments and the Federal Capital Territory (FCT) got N50.483 billion, while
local governments got N35.338 billion. N4.207 billion was allocated to the Cost of Collection/Transfers/FIRS refund for VAT.

Also, N806 million was shared as proceeds of Exchange Gain with the federal government receiving N372 million; state governments (N188 million) ; local government councils N145 million and beneficiaries of the 13 per cent of mineral revenue derivation receiving N101 million.

The AGF, Ahmed Idris revealed that the gross statutory revenue of N682.161 billion received for the month was higher than the N569.281 billion received in the previous month by N112.880 billion.

He attributed this increase to crude oil export sales which he said increased by 0.82 million barrels, resulting in increased revenue to the Federation of $54.19 million.

However, the average unit price dropped further from $75.69 to $73.92.

Also, “the Shut-In and Shut-down of pipelines at various terminals persisted due to leaks and maintenance” the AGF said.

“Revenues from Oil and Gas Royalties, Petroleum Profit Tax (PPT) and Value Added Tax increased significantly while Companies Income Rax (CIT), import and excise duties increased only marginally,” Ahmed explained.

•Sourced from THISDAY report

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