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FG, States, LGs share N619.857bn for February

FG, States, LGs share N619.857bn for February

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A total of N619.857 billion has been distributed as federal allocation for the month of February 2019 among the Federal, States and Local Government Councils.

A communiqué by the Technical Sub -Committee of the Federation Accounts Allocation Committee (FAAC) at the end of its February meeting, indicated the gross statutory revenue received was N478.434 billion.

This sum is lower than the N505.246 billion received in the previous month by N26.812 billion.

Addressing journalists at the end of the meeting in Abuja on Wednesday, the Director of Funds in the Office of the Accountant General of the Federation (OAGF) Mr. Muhammed Usman, said “Federation Crude Oil Export sales increased by about 46 percent resulting in increased Federation Revenue from $425.00 million previously to $574.95 Million.

“Shut-in and Shut-down persisted while some Terminals remained closed due to leaks and maintenance.

“Petroleum Profit Tax (PPT) increased significantly while Companies Income Tax (CIT) recorded a marginal increase. Revenues from Value Added Tax (VAT), Oil Royalty, Import and Excise Duties decreased in February, 2019.”

Read also: NNPC’s $1.7b debt to FAAC

The distributable Statutory Revenue for the month is N478.434 billion.

The total Revenue distributable for the current month (including VAT, Exchange Gain, Excess Bank Charges recovered and Forex Equalization) is N619.857 billion.

Therefore, from the total distributable revenue for the month, the Federal Government received N257.681 billion representing 52.68 percent; States received N169.925 billion representing 26.72 percent; Local Government Councils received N127.722 billion representing 20.60 percent while the Oil Producing States received N50.946 billion also representing 13 percent derivation revenue.

Muhammed Usman also disclosed that “the balance in the Excess Crude Account (ECA) as at 27th March, 2019 is $183 million.

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