Fidelity bank card banner Camano banner
FG, States, LGCs share N647bn

By News Express on 28/03/2018

Views: 831


The Federation Accounts and Allocation Committee (FAAC) meeting which was declared inconclusive yesterday, was today concluded and revenue figures presented by the AGF was adopted and shared among the three tiers of Government.

 

The acceptance of the figures by the members of FAAC followed consultations made by the Minister of Finance, Accountant-General of the Federation with some States’ Governors and representatives of States’ Commissioners of Finance. 

Accordingly, a total sum of N647.390 billion was shared as FAAC allocation among the Federal, States and Local Government Councils as revenue for the month of February 2018. 

The  communiqué issued by the Sub-Committee of Federation Accounts Allocation Committee (FAAC), Office of the Accountant-General of the Federation, indicated that the gross statutory revenue received for the month is N557.943 billion and  is higher than N538.908 billion  received in the previous month by N19.035 billion. The shared amount comprise  the Month’s Statutory distributable revenue of N557.943 billion and the  Value Added Tax of N89.447billion making up the sum of  N647.390 billion.

Accordingly, from Net Statutory Allocation, the Federal Government received  N257.927 billion representing (52.68%); States received N130.824 billion (26.72%); Local Government Councils received N100.860 billion representing (20.60%); while the Oil Producing States received N57.357 billion as 13% derivation revenue. Meanwhile, FIRS, Nigeria Custom Service and DPR received the sum of N14.554 billion as their cost of collection and FIRS refund.

Furthermore, from the Revenue available from the Net Value Added Tax (VAT), Federal Government received N12.880 billion (15%); States received N42.935 billion (50%) while the Local Government Councils received N30.054 billion (35%). 

The communique further explained that there was an increase in the average price of crude oil from $57.71 to $63.08 per barrel and an increase in export sales of 2.8 million barrels which resulted in increased revenue from Export sales of $194.39 billion. It further stated that other issues which negatively affected the Crude oil production and resulted to shut-ins and shut-downs are pipelines maintenance and repairs. Furthermore, significant increases were recorded in Petroleum Profit Tax (PPT) while revenues from Import Duty, Companies Income Tax (CIT) and Value Added Tax (VAT) decreased considerably in the month under review.

 

Source News Express

Posted 28/03/2018 7:27:09 PM

 

 

CLASSIFIED ADS

 

You may also like...
Herdsmen strike in Cross River; kill native

Tension in Bayelsa over proposed Kaiama declaration by...

How government undermines trado institutions

11 PDP governors in crucial meeting ahead of...

APC chieftain donates campaign office for Buhari’s re-election...

REVEALED: How Yahya Jammeh ordered illegal execution of...

Edos in Europe endorse Imansuangbon to succeed Governor...

Lagos Govt. issues strong warning to violators of...

UK’S exit from the EU: Consequences for Nigeria,...

Let’s use what we make, make what we...

Aso Rock beats chest; reels out achievements, vows...

Kano PDP governorship campaign office set ablaze days...

 

Latest News Cultists on rampage in Lagos Drama as Atiku’s witness weeps at election tribunal African spymasters storm Abuja, establish database to track terrorist fighters across continent Ruga: Abia Govt. scrutinises land sales above 5 hectares UNIJOS unveils world’s first anti-snake vaccine 7 suspected cultists face robbery, assault charge Don’t obey Northern Elders’ order to quit South, Buhari tells Fulani herdsmen Police restrict protests to only one location in Abuja Why we are giving appointments in batches — Okowa •Swears-in 8 Special Advisers Ekiti expends N3.9bn on pensions Fish out Funke Olakunrin’s killers without delay — Classmates Kidnapping, robbery: Police arrests 53 suspects in Abia

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (508,664 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (431,140 views) Shameless Genevieve Nnaji exposes breasts in public (372,964 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (316,460 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (282,036 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (246,973 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (238,839 views) 10 cars more expensive than Jets (222,580 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (220,891 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (208,440 views) Lagos plane crash: Journalist releases victims’ names (188,129 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (186,766 views)

 

NLNG Job Vacancy

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (96) Business & Economy (4,354) Business Verdict (76) Columnists (1,070) Complaints & Requests (95) Enterprise & Opportunities (211) Entertainment (635) Features (778) Global Business Monitor (395) ICT Monitor (53) International (3,719) Interview (192) Live Commentary (30) Love Matters (163) Maggie's Blog (338) News (48,745) Opinion (1,290) Pidgin (17) Politics (11,164) Religion (1,050) Sports (2,098) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera