Business

FAAC shares N701bn as ECA hits $1.911bn

Published

8 years ago

May 24, 2018

The Federation Account Allocation Committee (FAAC) yesterday shared N701.022 billion to the three tiers of government as Federal Allocation for April 2018.

While addressing reporters at the end of the FAAC meeting in Abuja yesterday, Mahmoud Isa Dutse, Permanent Secretary, Ministry of Finance, said the Federal Government got N289.045 billion, states got N181.963 billion, and the Local Government Areas received N137.327 billion.

The 13 percent mineral revenue for oil producing states stood at N49.756 billion, while the cost of revenue collection and Federal Inland Revenue Service (FIRS) refund N42.932 billion.

Dutse also disclosed that the Excess Crude Account (ECA) balance now stands at $1.911 billion after N24.5 billion savings was added to it.

Recall that the Federal Government had withdrawn about $1billion from the account to purchase aircraft to tackle insurgency in the country.

Also, an additional N11.269 billion was received from NNPC after April FAAC and it was distributed accordingly.

“We are having a discussion with the NNPC to reconcile figures and will be resolved soon,” he said.

From the breakdown of the Net Statutory revenue; the Federal Government received N276.535 billion representing 52.68 percent; states received N140.262billion representing 26.72 percent; Local Government Areas received N108.136billion representing 20.60 percent; while the Oil Producing States received N49.756billion also representing 13 percent derivation revenue.

Furthermore, from the available revenue from Value Added Tax (VAT), Federal Government received N12.510billion representing 15 percent; states received N41.701billion representing 50 percent while the Local Government Areas received N29.190 billion also representing 35percent.

The Technical sub -Committee of FAAC also indicated that the gross statutory revenue received for the month was higher than the N480.599billion received in the previous month by N132.458 billion.

Crude oil export sales volume increased by 64 percent when compared with the 7.72million barrels from the previous month, resulting in increased revenue from Federation Crude Oil Export Sales by $226.90million.