Nigeria’s Excess Crude Account Stands at $323.692m As FG Allocations To States Dropss

The Accountant General of the Federation, Ahmed Idris. 

Federal allocation to state governments and the 744 local governments dropped again by 1.17% for the month of September as the sum of N327.68 billion was disbursed by the Federation Account Allocation Committee (FAAC) under the leadership of the Accountant General of the Federation, Ahmed Idris.

A statement issued by the allocation committee recently showed that the federal allocation to States and LGAs in Nigeria dropped from N331.57 billion disbursed for the month of August to N327.68 billion in September 2019

In the breakdown, a total of N693.529 billion was disbursed among the three tiers of government. The Federal Government got the biggest share of N293.801 billion, states received N186.816 billion and the local government Councils shared N140.864 billion.

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FAAC stated in the statement that as at 17th October 2019, the balance of the Excess Crude Account stood at $323.692 million while  the sum of N51.532 billion was disbursed to the oil-producing states and revenue-generating agencies got N20.517 billion as part of the 13% derivation fund.

Meanwhile, from the Statutory Account, the sum of N599.701 billion was disbursed while N92.874 billion and N954 million was taken from Valued Added Tax (VAT) and the exchange gain account respectively.

For the month of September, revenue from Petroleum Profit Tax (PPT) and Company Income Tax (CIT) decreased while Royalties, Import and Excise Duties, and Value Added Tax increased considerably according to the FAAC statement.

Samson Oyedeyi