A total of N741.843 billion has been distributed as Federal Allocation for the month of August, 2018 between three tiers of government.
The communiqué issued by the Technical Sub -Committee of the Federation Accounts Allocation Committee (FAAC) at the end of its September meeting, indicated that the gross statutory revenue received was N627.139bn. This sum was higher than the N609.975bn received in the previous month by N17.164bn.
Similarly, the total distributable revenue of N741.843bn, comprised the statutory revenue of N627.139bn, gross value added tax of N114.542bn and an exchange gain of N162m. There was also a saving of N40bn into the excess crude account.
Therefore, from the Net statutory revenue, Federal Government received N274.889bn representing 52.68 percent; States received N139.427 billion representing 26.72 percent; Local Government Councils received N107.49bn representing 20.60 percent; while the Oil Producing States received N53.034bn also representing 13 percent derivation revenue.
The breakdown of distribution to the 3 tiers from Value Added Tax (VAT), include: Federal Government received N16.494bn representing 15 percent; States received N54.981bn representing 50 perfect while the Local Government Councils received N38.486bn, also representing 35 percent.
The Communique said Oil export sales volume rose to 4.57m barrels resulting in increase revenue from the Federation Crude Oil Expert Sales by 0.82m barrels, compared with the previous month’s sales volume of 3.74m barrels. Also, Value Added Tax (VAT), Import Duty, Petroleum Profit Tax (PPT), all recorded increase, while Companies Income Tax (CIT) and Oil Royalty decreased.
The balance on Excess Crude Account as at September 25, 2018 is $2.468bn, while the balance in Excess Petroleum Profit Tax as at the same date is $0.133bn.