FAAC Reflates Economy With N788.14b.
BARBARA BAKO, Abuja
The Federation Account Allocation Committee on Thursday reflated the economy, sharing N788.14 billion among the three tiers of government for October Allocation. The figure for October was an increase of about N89.3bn over N698.71 billion shared in September.
At the meeting presided by the Accountant General of the Federation, Ahmed Idris in Kaduna state, the Federal Government got N299.91bn, States N194.92bn while the Local Government Councils got N146.69bn after deducting cost of collection to the revenue generating agencies. The oil producing states based on the derivation principle of 13 per cent got the sum of N58.19bn allocation.
A communique issued after the meeting which was signed by the Accountant General of the Federation, Ahmed Idris put the gross statutory revenue for the month of October at N682.16bn. This, it stated, was N112.88bn higher than the N569.28bn shared in september. It reads in part, “Crude oil export sales increased by 0.82 million barrels resulting in increased revenue to the Federation of $54.19m. “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. “Revenue from oil and gas Royalties, Petroleum Profit Tax (PPT) and Value Added Tax (VAT) increased significantly while Companies Income Tax (CIT), Import and Excise Duty increased only marginally.” significantly.”
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