The Federation Account Allocation Committee (FAAC) has shared a total of N788.139 billion to the three tiers of government as revenue for October 2018.
According to a communique issued at the end of the FAAC meeting held in Kaduna State, the total distributable revenue of N788.139 billion was made up of statutory distributable revenue of N682.161 billion; revenue from Value Added Tax (VAT) of N105.172 billion and Exchange Gain difference of N0.806 billion
From the total revenue, the Federal Government received N299.912 billion; State Governments received N194.920 billion; Local Governments received N146.693 billion; the Oil Producing States received N58.193 billion as derivation revenue, while N88.421 billion went to the revenue generating agencies as cost of revenue collection.
The gross statutory revenue of N682.161 billion received in October was higher than the N569.281 billion received in September by N112.880 billion.
The communique stated that within the period, crude oil export sales increased by 0.82 million barrels, resulting in increased revenue of $54.19 million to the federation. However, the average unit price of crude oil dropped further from $75.69 to $73.92.
The communique explained that revenues from oil and gas royalties, Petroleum Profit Tax (PPT) and Value Added Tax (VAT) increased significantly, while Companies Income Tax (CIT), Import and Export Duties increased only marginally.