FG , State, LG Records N43BN Shortfall In Allocation

 FG , State, LG Records N43BN Shortfall In Allocation

FG , State, LG Records N43BN Shortfal In Allocation

The Federation Account Allocation Committee on Thursday night distributed N698.71bn to the three tiers of government as September allocation.
The amount represents a decline of N43.13bn over the N741.84bn shared in August.
The amount was shared at the FAAC meeting, which was presided over by the Minister of Finance, Mrs Zainab Ahmed.

A breakdown of the amount showed that after deducting the cost of collection to the revenue generating agencies, the Federal Government got N300.1bn; the states, N184.43bn; while the Local Government Councils got N139bn.
The committee also allocated the sum of N59.09bn to the oil producing states based on the derivation principle of 13 per cent.

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 September at N569.28bn.

This, it stated, was N57.85bn lower than the N627.13bn realized in August.
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The communique read in part, “Crude oil export sales increased by 0.17 million barrels, resulting in increased revenue to the federation of $8.48m. However, the average unit price dropped from $77.10 to $75.69. There was shutdown of (crude oil) pipelines, which resulted in shut-in of production at the various pipelines.

“Revenue from royalties increased significantly, while Value Added Tax, Petroleum Profit Tax and Companies’ Income Tax decreased significantly.”

Ahmed said there was a need to ensure more savings for the country.

“We have to save. We are not only saving for today, but for tomorrow,” the finance minister stated

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