A total of N741.843 billion has been shared as Federal Allocation for the month of September, 2018 between the federal, states and local government areas of the country.
The figure is a cumulation of the revenue generated within the previous month of August.
In a communiqué issued by the Federal Account Allocation Committee at the end of the meeting yesterday indicated that the Gross statutory revenue of N627.139 billion received for the month was higher than the N609.975billion received in the previous month by N17.164 billion.
Crude oil export sales volume was 4.57 barrels resulting in an increased revenue from Federation Crude Oil Experts sales by 0.82 million barrels when compared with the previous month’s sales volume of 3.74 million barrels.
Import Duty and Value Added Tax (VAT) recorded marginal increases.
“The distributable Statutory Revenue for the month is N627.139 billion. The total revenue distributable for the current month is (including VAT and exchange gain) is N741.843 billion,” permanent secretary in the federal ministry of finance, Mahmoud Isa-Dutse who addressed journalists after the meeting said.
Below is the breakdown of the net distribution:
Federal Government received N274billion representing 52.68 per cent; States received N139.427 billion representing 26.72 per cent; Local Government Councils received N107.493 billion representing 20.60 per cent; while the Oil Producing States received N53.034 billion also representing 13 per cent derivation revenue.
Furthermore, from the Revenue available from the Value Added Tax (VAT), Federal Government received N16.494 representing 15 per cent; States received N54.981 billion representing 50 per cent while the Local Government Councils received N38.486 billion also representing 35 per cent.
N40 billion was transferred into the Excess Crude Account (ECA), adding that the balance in the ECA account was 2.46 billion dollars.
Commenting on the allegation, that the Federal Government had recalled the second tranche of the Paris Club Refund from Delta, Imo, Benue, Rivers and Osun state, he said that the issue was not raised by the committee members.
Meanwhile, the Accountant-General of the Federation, Mr Ahmed Idris assured Civil Servants that their salaries would be paid on time, in spite of the threat by the Nigeria Labour Congress to go on strike.
The industrial strike is in furtherance of the implementation of the new National Minimum wage.
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