By Gift Olivia Samuel, The Sight News
ABUJA: The Federation Accounts Allocation Committee (FAAC), has distributed a total of N619.85 billion, in March, to the Federal, State and Local Government Areas as revenue generated in February.
The Accountant-General of the Federation (AGF), Mr Ahmed Idris, who presided over the FAAC meeting, revealed that the amount shared shows an increase of about N9.49 billion from the amount shared in January.
Idris, who was represented by the Director of Funds, Office of the AGF, Mr Mohammed Usman, announced that as at 27th March 2019, the Excess Crude Account had the sum of $183 million.
The total distributable revenue of N619.857 billion comprised revenues from various sources such as distributable statutory revenue, Value Added Tax (VAT), Exchange Gain, Excess Bank Charges recovered and Forex Equalization.
The gross statutory revenue for the month was N478.434 billion; revenue from Value Added Tax (VAT) was N96.389 billion; Exchange Gain was N0.858 billion and Forex Equalization revenue was N44.176 billion.
A communique issued by the Federation Account Allocation Committee indicated that from the total revenue of N619.857 billion, the Federal Government received N257.681 billion, the States received N169.925, the Local Government Councils received N127.722 billion.
The Oil Producing States received N50.946 billion as 13% derivation revenue and the Revenue Generating Agencies received N13.582 billion as cost of revenue collection.
The gross statutory revenue of N478.434 billion received for the month of February 2019 was lower than the N505.246 billion received in the previous month by N26.812 billion.
The gross revenue from Value Added Tax (VAT) was N96.389 billion as against N104.468 billion distributed in the previous month, resulting in a decrease of N8.079 billion.
From the total revenue from VAT, the Federal Government received N13.880 billion, the States received N46.267 billion, the Local Government Councils received N32.387 billion and the Revenue Generating Agencies received N3.855 billion.
The communique stated that for the month of January 2019, the federation crude oil sales increased by about 46%, 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 increased significantly while Companies Income Tax recorded a marginal increase.
“Revenues from value added tax, oil royalty import and excise duties decreased in February, 2019,” he remarked.
Idris, further assured civil servants that regardless of the delay in holding the FAAC meetings, salaries would be paid before the month end.