September 2017 FAAC meeting ...FG, States, LGs share N637.7bn - aksu360

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September 2017 FAAC meeting ...FG, States, LGs share N637.7bn

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Mr Ahmed Idris, Accountant-General of the Federation, has said that the Federal Government, state and local governments shared N637.704 billion for September 2017. Idris stated this at the end of the monthly Federal Accounts Allocation Committee (FAAC) meeting in Abuja.  

He said that the sum indicated a rise in the revenue shared by the 3 tiers of government of N169 billion for September compared to about N467.8bn shared in August 2017. According to him, the sum is inclusive of Value Added Tax (VAT). The total revenue statutory gross is N550.992bn, there is also an element of VAT of N86.712bn making a total of N637.704bn.

“And this figure is distributed among the three-tiers of government after deduction of relevant cost of collection due to the revenue generating agencies.”

The Federal Government got N263.609bn from the gross statutory revenue, states received N132.184bn and local governments received N101.908bn. Idris said, “It is evident from the records and from what we have distributed today that the figure distributed this month is by far greater than the distribution for the previous month by N169,852bn.”

The Accountant-General said there was derivation to the oil producing states of N41.977bn. An element of value added tax that was generated to the tune of N86.712bn which was distributed among the three-tiers of government. He said the Federal Government got N12.87 billion; state governments N41.622 billion while the local governments got N29.135 billion, making a total of N83.244 billion after deduction of cost of collection.

Idris stated that the balance in the Excess Crude Account (ECA) stood at 2.309 billion dollars as at Sept. 27, 2017, adding that, “there is also the excess Petroleum Profit Tax (PPT) of 68 million dollars.” He explained that during the period under review, there was a decrease in the average price of crude oil from 51.05 to 50.44 dollars per barrel. 

To read our report on August 2017 FAAC meeting, click here

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