FAAC shares N788.139bn as October allocation ....states IGR soars in Q1
The Federation Account Allocation Committee, FAAC, distributed a total of N788.139 billion to the three tiers of government as revenue for October 2018.
According to the committee, the total distributable revenue of N788.139 billion was made up of statutory distributable revenue of N682.161 billion, revenue from Value Added Tax, VAT, of N105.172billion and Exchange Gain difference of N0.806 billion
The October meeting which held in Kaduna State, saw the Federal Government receiving N299.912 billion; State Governments received N194.920 billion while the Local Governments received N146.693 billion.
Oil Producing States received N58.193 billion as derivation revenue, while N88.421 billion went to the revenue generating agencies as cost of revenue collection.
The gross statutory revenue of N682.161 billion received in October was higher than the N569.281 billion received in September by N112.880 billion.
A communiqué issued at the end of the FAAC meeting crude oil export sales increased by 0.82 million barrels in the period, resulting in increased revenue of $54.19 million to the federation. However, the average unit price of crude oil dropped further from $75.69 to $73.92.
Revenues from oil and gas royalties, Petroleum Profit Tax, PPT, and Value Added Tax, VAT, increased significantly, while Companies Income Tax, CIT, Import and Export Duties increased only marginally.
Meanwhile, internally generated revenues of the 36 states and the FCT rose to N579.49billion in the first half of 2018, up from the N453.83billion recorded in the first half of 2017.
The amount, according to states IGRs for Half Year 2018 published by the National Bureau of Statistics, showed a growth of 27.7percent from the 2017 figure.
The report stated that Lagos recorded the highest IGR with a total amount of N196.39billion. A total of 28 states recorded growth in IGR while eight – Abia, Anambra, Benue, Taraba, Kebbi, Kwara, Ebonyi and Enugu – recorded a decline at the end of 2018 Half Year.
A breakdown of the states’ IGR according to NBS, showed that Rivers generated N60.9billion, Ogun N42.51billion, FCT N35.31billion, Delta N29.79billion, Kano N18.55billion, Kaduna N16billion, and Edo N13.8billion,
Oyo made N12.37billion, Enugu N12.29billion and Akwa Ibom N11.83billion, Kwara had N10billion, Cross River N9.75billion, Ondo N9.41billion, Anambra N7.06billion, Imo N7billion, Abia N6.97billion, Bayelsa N6.8billion and Plateau N6.6billion.
Similarly, Benue had IGR of N6.06billion, Sokoto N5.65billion, Kogi N5.44billion, Niger N4.86billion, Jigawa N4.8billion, Osun N4.77billion, Bauchi N4,6billion, Nassarawa N3.8billion, Katsina N3.4billion, Adamawa N3,17billion, Borno N3,17billion, Ekiti N2,74billion, Zamfara N2,65billion and Taraba N2.61billion,
The rest are Ebonyi N2.4billion, Gombe, N2.39billion, Kebbi N2.03billion and Yobe N1.62billion.
The NBS report showed that the net FAAC allocation in half year 2018 is put at N1.23trillion while the total revenue available to the states is put at N1.74trillion.
However, the value of foreign debt stands at $4.22billion while domestic debt hit N3.38trillion at the end of 2018 half year respectively.