Federal, states, LGAs share N619.9bn allocation for February


The three tiers of government, made up of the Federal, 36 States and the Federal Capital Territory and 774 Local Governments, on Wednesday shared N619.9 billion as statutory allocation from the Federation Allocation Account for February 2019.
A communiqué by the Technical Sub -Committee of the Federation Accounts Allocation Committee (FAAC) at the end of its meeting on Tuesday said the gross statutory revenue received was about N478.434 billion.
The committee said the amount was lower by about N26.812 billion than the N505.246 billion received last January.
The communique read by the Accountant General of the Federation, Ahmed Idris, said Federation Crude Oil Export sales increased by about 46 per cent resulting in increased Federation Revenue from $425 million previously to $574.95 Million.
Mr Idris said production shut-ins and oil facility shut-downs persisted during the month, with some oil export terminals still closed due to leaks and maintenance.
He said the Petroleum Profit Tax (PPT) increased significantly, while Companies Income Tax (CIT) recorded a marginal increase. He did not give further details.
According to him, revenues from Value Added Tax (VAT), Oil Royalty, Import and Excise Duties decreased during the month under review.
While the distributable statutory revenue for the month stood at about N478.4 billion, total distributable revenue for the month (including VAT, Exchange Gain, Excess Bank Charges recovered and foreign exchange Equalisation) stood at about N619.857 billion.
Details of the total distributable revenue for the month showed the Federal Government received about N257.681 billion, representing 52.68 per cent; States received N169.925 billion, representing 26.72 per cent; Local Government Councils received N127.722 billion, representing 20.60 per cent, while the Oil Producing States received N50.946 billion, representing 13 per cent derivation revenue.
The AGF said the balance in the Excess Crude Account as at March 27, 2019, stood at about $183 million. (Premium Times)

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