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Saturday, September 1, 2018

FAAC: Federal, states, local governments share N714.809 billion in August

By Ferdinand Jumbo-Asuquo

The Federal Account Allocation Committee (FAAC) rose from its August meeting, on Thursday, declaring that the three tiers of government shared N714.809 billion as revenue generated in July.
The figure, which included cost of collection to the Nigeria Customs Service, Department of Petroleum Resources and Federal Inland Revenue Service, is lower than N821.8 billion that was shared in July.
Mrs. Kemi Adeosun
Briefing journalists, in Abuja, Minister of Finance and Chairman of FAAC, Mrs. Kemi Adeosun said the Federal Government got N298.288 billion, while the 36 states and FCT went home with N183.773 billion and the 774 Local Government Areas got N138.964 billion.
The 13 per cent derivation for oil producing states stood at N49.77 billion, while cost of collection and refund to FIRS, NCS and DPR is N44.007 billion.

Adeosun also revealed that additional $25 million was transferred into the excess crude account, bringing the balance to $2.332 billion.

She further said that additional funds from the Nigerian National Petroleum Corporation (NNPC) for the three tiers of government for July stands at N12 billion, while forex equalisation is N25.027 billion. Value Added Tax is N79.807 billion and statutory revenue is N597.975 billion.
She revealed that statutory revenue generated in July is lower than N694.672 received in June by N96.697 billion.
She added that crude oil sales volume.
On the new revenue remittance template directive of President Muhammadu Buhari, the Minister said it would be ready by the next FAAC meeting, in September.

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