Yemisi Izuora
The Federation Accounts Allocation Committee (FAAC) has disclosed that the three tiers of government shared a total of N610.368 billion federal revenue generated in the month of January 2019, but shared in February 2019.
This was contained in a communique issue a at the end of its meeting last night.
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.