The three tiers of government – federal, states and local governments shared a total of N741.843 billion as the Federation Account Allocation Committee (FAAC) met in Abuja yesterday to distribute revenue for the month of August.
The allocations were shared even as the federal government avoided comments on the alleged withholding of the last tranche of the Paris Club refund to three states, including Benue, Delta and Rivers.
Wednesday’s FAAC meeting was chaired by Permanent Secretary, Ministry of Finance, Mr Mahmoud Isa- Dutse who represented the Minister, Mrs. Zainab Ahmed who was said to have traveled overseas on official engagement.
Giving the figures for August, Isa-Dutse stated that a total of N741.843 billion was approved for distribution as allocation for August.
According to him, gross statutory revenue received during the month under review was N627.139 billion, representing an increase over the N609.975 billion received in the previous month by N17.164 billion.
The total distributable revenue of N741.843 billion was composed of a statutory revenue of N627.139 billion, gross Value Added Tax of N114.542 billion and an exchange gain of N162 million.
The breakdown of net statutory revenue shared showed that federal government received the highest amount of N274.889 billion representing 52.68 per cent; states got N139.427 billion, representing 26.72 per cent, while local government councils received N107.493 billion or 20.60 per cent.
Oil-producing states received N53.034 billion as 13 per cent derivation revenue.
For Value Added Tax distribution to three the tiers of government, federal government received N16.494 billion (15 per cent); states got N54.981 billion, representing 50 per cent while local governments got N38.486 billion (35 per cent).
Data showed that oil export sales volume rose to 4.57 million barrels resulting in an increased revenue from the Federation crude oil expert sales by 0.82 million barrels when compared with the previous month’s sales volume of 3.74 million barrels.
Both VAT , Import Duty, Petroleum Profit Tax (PPT), all recorded an increase, while Companies’ Income Tax (CIT) and Oil Royalty decreased.
There was also a savings of N40 billion into Excess Crude Account (ECA), bringing the balance in the account as at September 25, 2018 to $2.468 billion, while the balance in Excess Petroleum Profit Tax as at the same date is $0.133 billion.
On the Paris Club withdrawal, Isa-Dutse said: “Paris Club refund is not really a FAAC matter. FAAC meets to review revenue collection in the Federation Account and agree on the distribution.
“The issue of Paris Club refund is a technical matter and we did not discuss it at all at this meeting. So what I think is that you should direct the question to the agency of government and you will get the correct answer. I don’t want to mislead you,” he said.
Thisday
