November 2018 FAAC meeting ...FG, States, LGs share N788.13bn

The Federal, states and local governments have shared a total of N788.139 billion from the revenue that accrued to the federation account for the month of October 2018. 

The Accountant General of the Federation, Ahmed Idris, who revealed this in Kaduna, said there was a rise in gross statutory revenue for the month by N112.880 compared to the previous month. According to him, the statutory earnings rose from N569.281 billion to N788.139 billion. 

Minister Idris, who spoke at the end of the Federation Account Allocation Committee, FAAC, meeting, added that crude oil export sales increased by 0.82 million barrels, resulting in increased revenue to Federation of $54.19 million. 

However, the average unit price dropped further from $75.69 to $73.92. The shut-in and shut down of pipelines at various terminals persisted due to leaks and maintenance. Revenues from oil and gas royalties, petroleum profit tax and value added tax increased significantly while companies Income Tax, Import and Excise duties increased only marginally.

Idris also revealed that reports of revenue collection agencies and military pensions were read and adopted, adding that the next FAAC meeting had been fixed for mid-December in Abuja.

To read the FAAC report for October 2018, click here.