A total of N649.198billion has been distributed as Federal Allocation
for the month of December 2018, between the Federal Government, State
Governments and Local Government Councils.
This was contained in a statement at the weekend by Oise D. Johnson,
Head Press & Public Relations, Office of the Accountant General of
the Federation (OAGF).
He noted that the communiqué issued by the Technical sub-Committee of
Federation Accounts Allocation Committee (FAAC) indicated that the
Gross statutory revenue received is N547.462 billion which is lower than
the N649.629 billion received in the previous month by N102.167
billion..
The statement added: “Federation Crude oil export sales dropped by
1.7 Million barrels resulting to a drop in Federation Revenue by $83.54
Million regardless of a significant increase in price from $72.84 to
$81.06 per barrel.
“Therefore, from the Net Statutory Revenue, Federal Government
received N255.202 billion representing 52.68%; States received N129.442
billion representing 26.72%; Local Government Councils received N99.794
billion representing 20.60%; while the Oil Producing States received
N45.524 billion also representing 13% derivation revenue.
“The Cost of Collection, Transfer and FIRS Refund comes up to N
21.530 billion. Furthermore, from the Revenue available from the Value
Added Tax (VAT), Federal Government received N14.510 billion
representing 15%; States received N48.365 billion representing 50% while
the Local Government Councils received N33.856 billion also
representing 35%.
“The balance on Excess Crude Account is $0.631 Billion.”
