Fed Govt, states, local govts share N619.857b

THE three levels of government – administrative, states and 774 chamber regions — yesterday shared N619.857 billion as Federal Allocation for February.

A report issued by the Technical Sub - Committee of the Federation Accounts Allocation Committee (FAAC) toward the finish of its February meeting, showed that the gross statutory income got was N478.434 billion. It was lower than the N505.246 billion got in the earlier month by N26.812 billion.

Tending to correspondents toward the finish of yesterday's gathering in Abuja, the Director of Funds in the Office of the Accountant-General of the Federation (OAGF), Muhammed Usman, stated: "League raw petroleum send out deals expanded by around 46 percent bringing about expanded organization income from $425.00 million beforehand to $574.95 million. Shut-in and shut-down persevered while a few terminals stayed shut because of holes and support.

"Oil Profit Tax (PPT) expanded fundamentally while Companies Income Tax (CIT) recorded a peripheral increment. Incomes from Value Added Tax (VAT), Oil Royalty, Import and Excise Duties diminished in February, 2019.

"The distributable statutory income for the month is N478.434 billion. The all out income distributable for the present month (counting VAT, Exchange Gain, Excess Bank Charges recouped and Forex Equalization) is N619.857 billion.

"Consequently, from the all out distributable income for the month, the Federal Government got N257.681 billion speaking to 52.68 percent; states got N169.925 billion speaking to 26.72 percent; nearby government territories got N127.722 billion speaking to 20.60 percent; while the oil delivering states got N50.946 billion likewise speaking to 13 percent determination income."

Usman further revealed that "the equalization in the Excess Crude Account (ECA) as at 27th March, 2019 is $183 million."