Breaking: FAAC shares N610.368b to FG, states, LGs in February 2019 vanguardngr.com vanguardnews
The Accountant General of the Federation, Ahmed Idris, said approval is being awaited from the Honourable Minister of Finance for additional N50 billion from the Foreign Exchange Equalization Account, which will be distributed accordingly. He said the excess Crude Account currently stands at $249 billion.
A communique indicated that from the N610.368 billion, the Federal Government received N252.412 billion, the States received N170.541, the Local Government Councils received N127.923 billion. The Oil Producing States received N41.992 billion as 13% derivation revenue and the Revenue Generating Agencies received N17.500 billion as cost of revenue collection.
For the month of January 2019, the gross revenue of N505.246 billion was received in the month of January 2019. This was lower than the N547.462 billion received in the previous month by N42.216 billion.The gross revenue from Value Added Tax was N104.468 billion as against N100.760 billion distributed in the previous month, resulting in an increase of N3.708 billion. From the total gross revenue from VAT, the Federal Government received N15.044 billion, the States received N50.
The communique stated that for the month of January 2019, the federation crude oil sales increased by 2.4 million barrels, resulting in increased federation revenue by $149.94 million despite a drop in price of crude oil from $81.06 to $75.00 per barrel. In the month under review, oil royalty, import and excise duties increased substantially while Companies Income Tax and Petroleum Profit Tax decreased marginally.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Federal govt, states, LGs share N610.4bn in February -The federal, state and local governments councils in February shared about N610.4billion federal revenue generated in January 2019.
Read more »
Reports of Lassa fever at Asokoro hospital untrue - NCDC - Premium Times NigeriaHe said there has been no confirmed Lassa fever case in the FCT since February 2019.
Read more »
FAAC draws N50bn from forex equalization account to augment revenue shortfall – Daily Trust*FG, states, LGAs, to share N660.369bn Following a significant revenue shortfall distributable in the month of February 2019, the Federation Accounts Allocation Committee (FAAC) on Wednesday approved to draw N50billion from the forex equalization account to augment for the shortfall. The meeting which held today in Abuja was presided over by the Accountant General of …
Read more »
Elections: How prominent Nigerian politicians lost in their polling units -The 2019 presidential and National Assembly elections finally held on Saturday, February 23. The election was postponed from February 16 to 23
Read more »
INEC Election Result 2019: Atiku declared winner in Oyo State
Read more »