The Federation Accounts Allocation Committee (FAAC) has shared N610.368 billion federal revenue generated last month to the three tiers of government. The Accountant-General of the Federation (AGF), Ahmed Idris, said approval is being awaited from the Minister of Finance for additional N50 billion from the Foreign Exchange Equalisation Account, which will be distributed accordingly.
He spoke at the end of the Federation Account Allocation Committee (FAAC) meeting in Abuja, stating that the balance in the Excess Crude Account (ECA) currently stands at $249 billion.
A communique issued by the FAAC indicates that from the N610.368 billion, the Federal Government received N252.412 billion, states got N170.541, while the local government councils received N127.923 billion. The Oil Producing states received N41.992 billion as 13 per cent Derivation Revenue and the Revenue Generating Agencies received N17.500 billion as cost of revenue collection.
Idris said N505.246 billion was received in January, saying this was lower than the N547.462 billion realised in the previous month by N42.216 billion. The gross 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 the total gross revenue from VAT, the Federal Government received N15.044 billion, the states got N50.145 billion, local government councils received N35.102 billion, while the Revenue Generating Agencies received N1.178 billion. The communique stated that for last month, crude oil sales increased by 2.4 million barrels, resulting in $149.94 million increase in revenue, despite a drop in price of crude oil from $81.06 to $75.00 per barrel.
