FAAC: FG, States, LGs share N788.13bn for Oct
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the distributable statutory revenue for the month was n682.16 billion while the total revenue distributable for the current month including value added tax vat and exchange gain difference was n788.13 billion1 by folasade folarin1 a statement issued by mr oise johnson head press and public relations office of the accountant-general of the federation oagf said the meeting was held after the 2018 national council on finance and economic development nacofed in kaduna1 he said that the figure distributed was higher than the n698.7 billion shared for the month of september by n89.42 billion1 oise said a communique signed by the accountant-general of the federation mr ahmed idris was issued at the end of the meeting1 thecommuniqu issued by the technical sub -committee of faac indicates that the gross statutory revenue received is n682.16 billion which is higher than the n569.28 billion received in the previous month by n112.88 billion1 in the same vein crude oil export sales increased by 0.82 million barrels resulting in an increased revenue to the federation of 54.19 million dollars1 however the average unit price dropped further from 75.69 dollars to 73.92 dollars1 the federal government states and local governments on wednesday shared n788.13 billion as federal allocation for the month of october at the federation account allocation committee faacmeeting1 in the summary of the distributionthe federal government got n284.3 billion from statutory revenue n15.14 billion from vat n0.372 billion from the exchange gain culminating in n299.9 billion1 the states got n144.2 billion from statutory revenue n50.48 billion from vat n0.18 billion from the exchange gain culminating in n194.9 billion1 the local governments got n111.2 billion from statutory revenue n35.3 billion from vat n0.145 billion from the exchange gain culminating in n146.6 billion1 the oil producing states received n58.09 billion also representing 13 per cent derivation revenue1 the communique also said that the cost of collection transfer and federal inland revenue service firs refund came up to n 88.421 billion1 the communique said that the shut-in and shut -down of pipelines at various terminals persisteddue to leaks and maintenance1 revenues from oil and gas royalties petroleum profits tax ppt and vat increased significantly while companies income tax cit import and excise duties increased only marginally1 the nacofed conference which ended on wednesday was held for state commissioners for finance accountants-general of states staff of firs budget office of the federation debt management office and other stakeholders in the finance sector. nan1