FAAC Distributes N679.699bn To FG, States And Local Govts.

BY GLORIA USMAN, ABUJA – The Federation Accounts and Allocation Committee (FAAC), has distributed N679.699 billion as allocation to the Federal, States and Local Government Councils for the month of May.  

This was confirmed in a statement by the Deputy Director, who is Head of Press and Public Relations in the Office of the Accountant General Office (OAGF), Mr. Henshaw Ogubike in which he quoted the communique of the FAAC.

The FAAC communiqué which was issued at the end of the Technical sub-committee at its joint session held in Kano, states that a gross statutory revenue received was N571.731 billion which is higher than the N518.916 billion received in the previous month by N52.815 billion.

It also said that revenues from Oil Royalty and Companies Income Tax (CIT) improved tremendously while Petroleum Profits Tax (PPT) decreased significantly just as it noted that Import Duty and Value Added Tax (VAT), only recorded marginal increases.

FACC further stated that distributable Statutory Revenue for the month is N571.731 while the total revenue distributable for the current month (including VAT and Exchange Gain Difference) is N679.699 billion.

It communique also states; “The Net Statutory Revenue, Federal Government received N284.163 billion representing 52.68%; States received N187.605 billion representing 26.72%; Local Government Councils received N140.997 billion representing 20.60%; while the Oil Producing States received N40.436 billion also representing 13% derivation revenue. 

“The Cost of Collection, Transfer and FIRS Refund comes up to N26.498 billion. Furthermore, the gross Revenue available from the Value Added Tax (VAT), was N106.826 Billion as against N96.485 Billion distributed in the preceding month, resulting in an increase of N10.341 Billion.” 

It said the breakdown of the distribution has the Federal Government receiving N15.383 billion representing 15%; the States received N51.277 billion representing 50% while the Local Government Councils received N35.894 billion also representing 35%.  

FAAC states that the balance on Excess Crude Account now stands at $63 Million.