Breaking News:FAAC: FG, Sates, LGAs Share N698.710B.

The Federal, states and local governments on Thursday shared a total of N698.710 billion from ederation revenue that acued in the month of September. President Buhari The gross statutory revenue for the month was N569.281 billion, which was lower than  the N627.139 billion shared in August by N57.858 billion.

The Minister of Finance, Mrs Zainab Shamsuna Ahmed, who presided over the monthly Federation Account Allocation Committee (FAAC) meeting stressed on the need for the three tiers of government to save.

A statement by the Special Adviser to the minister of finance on Media and Communications, Mr Paul Ella Abechi, said the Minister tasked members of the committee on the need to be transparent in public funds administration. She said, “We have to save.

We are not only saving for today but for tomorrow.” Details of the revenue showes that crude oil export sales increased by 0.17 million barrels resulting in increased revenue to the Federation of $8.48 million. However the average unit price dropped from $77.10 to $75.69.

The Technical cCommittee said there was shutdown of pipelines which resulted in shut in of production at various pipelines which affected oil output during the review month. Revenue from Royalties increased significantly while Value Added Tax (VAT), Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) decreased significantly.”

Gross revenue available from the VAT was N79.154 billion as against N114.542 billion distributed in the preceding month, resulting in a decrease of N35.388 billion.

The report also indicated that while the federal government got N277.197 billion, the state and local governments got N172.810 billion and 130.534 billion respectively. Derivation (13% of mineral revenue) amounts to N52.596 billion and cost of collection/transfer and FIRS Refund was put at N15.572 billion.

The next FAAC meeting will hold during National Council of Finance and Economic Development (NACOFED), proposed for Wednesday, November 28, 2018 in Kaduna.”

Meanwhile, the report of the committee on the Excess Crude Account (ECA) was stepped down and withdrawn to enable the committee to reworked and represented it at the next meeting.

Culled from Vanguardngr

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I am Mbanugo Onyeka Nelson, a media analyst. Let's hit the globe with current news.

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