Uche Usim, Abuja
The Federation Accounts Allocation Committee (FAAC) on Wednesday disclosed that the three tiers of government shared a total of N610.368 billion federally generated revenue in February, 2019.
The Accountant General of the Federation, Ahmed Idris, while briefing the press at the end of the Federation Account Allocation Committee (FAAC), meeting in Abuja, Wednesday, said approval is now being awaited from the Minister of Finance for additional N50 billion from the Foreign Exchange Equalisation Account, which will be distributed accordingly. He also said the excess Crude Account currently stands at $249 billion.
A communique issued by the Federation Account Allocation Committee indicates that from the N610.368 billion, the Federal Government received N252.412 billion, States administrations received N170.541billion while the Local Government Councils received N127.923 billion.
On the other hand, Oil Producing communities received N41.992 billion as 13 per cent derivation revenue while the Revenue Generating Agencies received N17.500 billion as cost of revenue collection.
Meanwhile, in the month of January 2019, a gross revenue of N505.246 billion was received into the Federation Account. The figure was lower than the N547.462 billion received in the previous month by N42.216 billion.
The revenue from Value Added Tax (VAT), was N104.468 billion as against N100.760 billion distributed in the previous month, resulting in an increase of N3.708 billion. From a total revenue from VAT, the Federal Government received N15.044 billion, States got N50.145 billion, the Local Government Councils received N35.102 billion and the Revenue Generating Agencies got N1.178 billion.
The communique stated that for the month of January 2019, the federation crude oil sales increased by 2.4 million barrels, resulting in increased federation revenue by $149.94 million despite a drop in price of crude oil from $81.06 to $75.00 per barrel.