FG, States, LGAs Share N635.554bn As January Allocation

Ahmed Idris

THE Federal Account Allocation Committee (FAAC) shared N635.554 billion among the three tiers of government as January allocation.

The Accountant General of the Federation (AGF), Ahmed Idris, who disclosed this in Abuja, on Thursday, after the monthly FAAC meeting said the amount shared included Value Added Tax (VAT) revenue, adding that it was also N20 billion lower than December 2017 allocation of N655.17 billion.

“Operational challenges caused a decrease in crude oil export by 0.36 million barrels, which reduced revenue from export sales for the federation by $113.86 million.

“Other major issues that impacted negatively on operations were shut-ins and shut-downs of production at various terminals for repairs,” he added.

According to him, the Federal Government got N249.66 billion, while the states shared N126.482 billion as the local government areas received N97.512 billion.

He said: “The gross statutory revenue of N538.9.8 billion for the January was lower than the N540.446 billion received in the previous month by N1.538 billion.”

Idris said VAT revenue minus 4 per cent cost of collection was N96.646 billion, while 13 per cent derivation for oil producing states was N52.042 billion.

“The balance in excess crude account as at February 22, was $2.317 billion while Petroleum Profit Tax stood at $133 million,” he said.