The Federal Government, States and Local Governments in the country shared N698.7 billion in October from the total revenues that accrued to the Federation Account in the month of September this year.
The Minister of Finance, Mrs Zainab Ahmed, gave this hint on Thursday while briefing journalists on the decisions taken at the Federation Account Allocation Committee’s (FAAC’s) meeting held in Abuja.
Giving a breakdown of the revenue accrued to the Federation Account, the minister disclosed that N569.28 billion was generated as gross statutory revenue in the month in review, representing a decline of N17.8 billion from the revenue from the source in August.
In addition, she said that N75.9 billion was collected as Value Added Tax (VAT), indicating a drop of N33.9 billion from the preceding month’s collections, while Forex equalization account stood at N50 billion compared to the exchange gain of N0.275 billion.
A communiqué issued by the Technical Sub-Committee of FAAC showed that the distributable statutory revenue for the month stood at N569.28 billion and the total revenue distributable for the month was N698.7billion.
Ahmed said: “So total distributable revenue to the three tiers of government for the month of October 2018 is N698.71 billion.”
An analysis of the sums shared by the tiers of government indicated that the Federal Government got N265.6 billion from statutory revenue, N11.3 billion from VAT, N0.13 billion from the exchange gain and N22.9 billion from forex equalisation fund, culminating in N300.1 billion.
The states got N134.75 billion from statutory revenue, N37.9 billion from VAT, N0.06 billion from the exchange gain and N11.6 billion from forex equalisation fund, culminating in N184.4 billion.
The local governments got N103.8 billion from statutory revenue, N26.5 billion from VAT, N0.05 billion from the exchange gain and N8.96 billion from forex equalisation fund, culminating in N139.4billion.
Also, the oil producing states shared N59.09 billion as their entitlements based on the 13 percent derivation formula while the FIRS got N15.57 billion being the cost of collection/transfer of revenues.
During the month under review, the minister explained that crude oil export sales increased by 0.17 million barrels resulting in increased revenue to the Federation of $8.48 million, adding however that the average crude oil price dropped from $77.10 per barrel to $75.69.
Ahmed said that the report of the committee on the Excess Crude Account (ECA) was stepped down and withdrawn to enable the committee to rework and re-present it at the next meeting.
