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FAAC Disburses N788bn To FG, States, LGs For October

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A total of N788.139 billion was shared among the three tiers of government as October 2018 allocation yesterday by the Federation Account Allocation Committee (FAAC).

According to figures made available, at the end of the November 2018 FAAC meeting in Kaduna yesterday, a total of N788.139 was shared among the federal, state and local governments as October 2018 allocation, surpassing the N698.710 billion shared the previous month by N112.88 billion.

The gross statutory revenue for the month was N682.161 billion, which was higher than  the N569.281 billion received in the previous month by N112.880 billion.

In a statement read to journalists in Kaduna at the end of the FAAC meeting, AGF Idris said crude oil export sales increased by 0.82 million barrels, resulting in increased revenue to federation by $54.19million.

Idris added: “However, the average unit price dropped further from $75.69 to $73.92. The shut-in and shut down of pipelines at various terminals persisted due to leaks and maintenance.

“Revenues from oil and gas royalties, petroleum profit tax and value added tax increased significantly while companies income tax, Import and Excise duties increased only marginally. The distributable statutory revenue for the month is N682.161 billion. The total revenue distributable for the current month (including VAT and exchange gain difference) is N788.139 billion”

Idris noted that reports of revenue collection agencies and military pensions were read and adopted, and that the next FAAC meeting had been slated for mid-December in Abuja.

Meanwhile, as part of efforts to end the reoccurring controversy of revenue under-remittance to the federation account yesterday adopted a revenue disclosure template for all revenue generating agencies of government.

Former minister of finance, Mrs Kemi Adeosun, had announced that the process of producing a new remittance template was ongoing following a directive by President Muhammadu Buhari. The aim was to find a lasting solution to the frequent controversy over revenue remittances by the state oil company.

The new development was revealed yesterday at a briefing by the accountant-general of the federation (AGF), Ahmed Idris, while presenting the communique of revenue generation and allocation for the month of October to the federal, state and local governments of the federation.

However, details of the new template was not immediately made available to journalists.





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