FG, States, LGs Share N788bn in October

The Federal, states and local governments shared a total of N788.139 billion from the federation account.

The gross statutory revenue for the month was N682.161 billion, which was higher than the N569.281 billion received in the previous month by N112.880 billion.

The Federation Account Allocation Committee (FAAC), at the end of its meeting in Kaduna, said crude oil export sales increased by 0.82 million barrels, increasing the revenue to $54.19 million.

Reading a statement on behalf of the FAAC, the Accountant-General of the Federation, Ahmed Idris,  said the average unit price however 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,” he said.

Mr idris stated 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.



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