FAAC augments October 2013 distributable revenue with $1 billion from ECA

The Federal Accounts Allocation Committee (FAAC) has augmented the country’s distributable revenue for the month of October 2013 with the sum of $1billion from the Excess Crude Account due to a shortfall experienced in expected revenue.

A communiqué issued by the Federal Accounts Allocation Committee (FAAC) has indicated that the distributable statutory revenue available for October 2013 was N458.901 billion with no augmentation proposed for the month. Therefore, the sum of $1 billion from the ECA was earmarked for distribution to complement the shortfall in expected revenue.

According to the communiqué, a total of N568.413 billion has been shared out to the three tiers of government as federal revenue generated for the month of October 2013. It continued that the Federal Government got N213.825 billion (52.68%) as against N236.154 billion in September 2013. Adding, the thirty states got N108.455 billion (26.72%) as against N119.780 billion in the previous month. The Local Governments, however, got N83.614 billion (20.60%) against N92.346 billion they received for September 2013.

“The oil producing States received N47.112 billion as 13% derivation revenue. This was N6.538 billion lower than the N53.650 billion they received for the month of September 2013,” it explained.

The communiqué confirmed that the gross revenue received for the month of October 2013 was N539.553 billion which is higher than the N525.617 billion received in the previous month by N13.963 billion. Whilst, the gross revenue available from the Value – Added Tax (VAT) was N66.346 billion against N63.943 in the previous month with an increase of N2.403 billion.

“The sum of N7.617 billion refunded by the NNPC and N35.549 billion from the Subsidy Re-investment Programme (SURE-P) added up to the total distributable revenue for the month,” it stated.