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Tag: FAAC

  • FAAC: FG, States, LGs share N655bn revenue in December

    The federal and the other tiers of government on Tuesday shared a total of N655.177 billion as revenue that accrued to the Federation Account and proceeds of the Value Added Tax in December 2017.

    The money was shared at Federation Account Allocation Committee (FAAC) meeting in Abuja yesterday. Addressing journalists at the end of the meeting, the Minister of Finance, Mrs. Kemi Adeosun, said that N540.446 billion.

    The federal government got N252.543 billion, states, N128.093 billion, local governments got N98.755 billion while N47.738 billion was shelled out as 13 per cent derivation to oil producing states.

    Also another N80.604 billion was from proceeds of Value Added Tax (VAT), with the federal government receiving N13.091 billion, state governments, N40.302 billion and local governments N28.211 billion.

    The statutory allocation of N540.446 billion, excluding VAT, received for the month was lower than the N549.533 billion received in the previous month by N9.087 billion.

    The minister, according to the News Agency of Nigeria (NAN), explained that the decrease in crude oil exports by 0.59 million barrels resulted in decreased revenues from export sales of $11.65 million.

    Adeosun disclosed that the accruals into the Excess Crude Account (ECA) still stood at $2.317 billion.
    In his remarks after the meeting, the chairman of Finance Commissioners’ Forum, Alhaji Mahmoud Yunusa, said states were cutting costs in line with economic realities.

     

  • FAAC: FG, States, LGs share N609.95bn revenue in November

    The Federation Account Allocation Committee (FAAC) distributed N609.95 billion to Federal, States and Local Governments as revenue generated in November.

    This is N77.25 billion more than what it shared in October, Ahmed Idris, the Accountant-General of the Federation said.

    Mr. Idris said that after the cost of collection deductions by FIRS, Customs and DPR, the Federal Government received N248.2 billion, representing 52.68 per cent; the states got N125.9 billion, representing 26.72 per cent and the 774 local councils received N97.06 billion, amounting to 20.60 per cent.

    According to Mr. Idris, oil producing states got N54.48 billion, which represents the derivation share of 13 per cent.

    He said the country generated N356.07 billion as mineral revenue and N193.46 billion as non-mineral revenue in November, both showing improvements over the earnings in October.

    Mineral revenue increased by N38.78 billion, while non-oil mineral revenue also jumped by N68.65 billion.

    Mr. Idris said oil revenue continues to be negatively impacted by low production due to poor maintenance, sabotage and the Force Majeure declared at Bonny Terminal.

    He said the balance in the Excess Crude Account (ECA) as at Dec. 15 remained $2.317 billion. He also put the balance in the Excess Petroleum Profit Tax account, at $133 million.

    Mr. Idris said the Federation Account has received instruction from the National Economic Council that $1 billion be removed from ECA to fight Boko Haram.

    “The instruction has been given. But there is a process before money is taken out of an account. So unless that withdrawal is made, the balance remains the same.

    “On what the money will be used for, the appropriate institution will have to give you that, namely the military, who are the ones that will utilise the money, and they know their needs,” he said.

    On why the money is being taken from the ECA, Mr. Idris said everyone should know that it is a savings account and ordinarily should have been distributed to the three tiers of government.

    “So if the same owners decide that part of it should be utilised to secure the country, to secure the system, to make the system work and provide security for life and property, I don’t think it should be an issue.

    “If the Governor of Ekiti has a problem with that, he should have made his position known to his forum, which is the Governor’s Forum.

    “His dissension should not come to me on the pages of newspapers. He is entitled to whatever, but it should be directed to the appropriate place,” he said.

    Meanwhile, Mahmoud Yunusa, the Chairman, Commissioners of Finance Forum, said the distribution was timely, as it would enable states and local councils to pay workers ahead of Christmas.

    NAN