Home Business FAAC: FG, States, LGs share N649 bn December allocation

FAAC: FG, States, LGs share N649 bn December allocation

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Minister of Finance, Mrs Zainab Shamsuna Ahmed
Minister of Finance, Mrs Zainab Shamsuna Ahmed

Minister of Finance, Mrs Zainab Shamsuna Ahmed
Minister of Finance, Mrs Zainab Shamsuna Ahmed

The Federation Accounts Allocations Committee (FAAC) Friday, shared the sum of N649.198 billion to the three tiers of government for the month of December 2018.

This amount includes Value Added Tax (VAT) of N100.76 billion and Exchange Gain of N0.976 million.

The Accountant General of the Federation (AGF) Mr. Idris Ahmed who briefed journalists after the meeting, stated that the gross statutory revenue of N547.482 billion received for the month was lower than the N649.629 billion received in the previous month by N102.167 billion.

According to him, “Federation Crude Oil export sales dropped by 1.7 million barrels resulting to a drop in Federation revenue by $83.54 million regardless of a significant increase in price from $72.84 to $81.06 per barrel.

“There was shutdown, Shut in and closure of production at various terminals due to fire, leakages and flooding,” he said.

Mr. Idris revealed that revenues from Value Added Tax, Import and Excise duties and responsibilities increased marginally while Companies Income Tax (CIT) and Petroleum Profit Tax (PPT) decreased significantly.

The federal government got N270.171 billion, States N178.040 billion, the local governments N135.830 billion while 13 per cent derivation of mineral revenue to oil producing states was N45.627 billion, then cost of collecting/transfer/FIRS Refund was N21.530 billion.

Fielding questions, the chairman, forum of finance commissioners, Yunusa Mahmoud disclosed that the states were willing to abide by the decision of the Council of State. This is even as he added, that many states factored it into their 2019 budget.

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“The issue of the minimum wage is still in process, whatsoever is agreed to at the council of state meeting will be implemented,” he said


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