FAAC DISTRIBUTIONS SETTLED ON A PLATEAU

Must Read

MTN Nigeria Appoints Karl Toriola as CEO

MTN Nigeria is pleased to inform The Nigerian Stock Exchange (The Exchange), the investing public and other stakeholders of...

Free 250,000 FG/CAC Business Names Registration for MSMES

Business formalisation Support of the Micro, Small & Medium Enterprises (MSMEs) Survival Fund As part of Federal Government’s post-Covid-19 Pandemic...

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...
- Advertisement -

The total monthly payout by the Federation Account Allocation Committee (FAAC) to the three tiers of government amounted to N627bn (US$2.05bn) in April (from March revenues). This was a decline of N20bn from the previous distribution.

A rise in the average crude oil price from US$63.1/b in February to US$65.7/b, the official commentary noted, did not compensate for a fall in the tonnage exported. Distributions have recovered from the lows seen from 2015 through to early 2017, and have now exceeded N600bn for five months in succession.

  • The gross statutory allocation consisted of N361bn and N120bn for mineral and non-mineral revenue respectively, compared with N444bn and N113bn the previous month. Over and above the allocation, the distribution included N84bn from VAT receipts and N62bn in an fx equalization payment.
  • March was a good month for oil royalties and a poor month for petroleum profit tax. Inflows from other sources (VAT, companies’ income tax and import duties) were broadly stable.
  • The commentary noted a decline in the balance in the excess crude account from US$2.3bn to US$1.8bn.
  • The distributions provide a sizeable boost to liquidity for the money market. This latest payout amounted to an inflow of about N300bn this Monday. It represented the monies due to the state and local governments. The FGN’s share is paid into the treasury single account.
Read Also:  A fall in the FAAC distribution

Also read: FAAC: STATES & LOCAL GOVERNMENTS RECEIVED N270.81BN & N173.76BN RESPECTIVELY IN MARCH 2018

FAAC DISTRIBUTIONS SETTLED ON A PLATEAU - Brand Spur

Revenue allocations (gross) by the FAAC (N bn)
  • We have taken the latest payout details from local media reports. The data for earlier months in the chart is drawn from the NBS.
- Advertisement -

FBNQuest

- Advertisement -
FAAC DISTRIBUTIONS SETTLED ON A PLATEAU - Brand SpurFAAC DISTRIBUTIONS SETTLED ON A PLATEAU - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Read Also:  Adidas Unveils Manchester United 2019/20 Home Shirt

This site uses Akismet to reduce spam. Learn how your comment data is processed.

FAAC DISTRIBUTIONS SETTLED ON A PLATEAU - Brand SpurFAAC DISTRIBUTIONS SETTLED ON A PLATEAU - Brand Spur

Latest News

IITA BIP and partners host virtual Vegetable Field Day for farmers

Vegetables are one of the most consumed foods worldwide because of their high nutritional value. Although the vegetable business...

Researchers reveal a more sustainable approach to address postharvest fish losses

Small-scale inland capture fisheries contribute significantly toward enhancing the food, nutrition, and economic security of millions of people in low-income countries. Over time, several...

Harnessing insect biodiversity for sustainable plant health in tropical Africa

Fall armyworm (FAW), a ravaging pest of the maize plant, is spreading globally. Every year, Africa, Asia, and the Near East lose 80 million...

Agriculture stakeholders discuss possible solutions to food insecurity and trade challenges in Nigeria

On 29 September, the National Action Committee on the African Continental Free Trade Area (AfCFTA) held a virtual workshop on Agriculture and Agribusiness. The...

Global consumer sentiment still reviving slowly

At 42.2, the Global Consumer Confidence Index is up slightly over last month (41.8). September is the fourth consecutive month showing gains-in consumer sentiment...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -FAAC DISTRIBUTIONS SETTLED ON A PLATEAU - Brand SpurFAAC DISTRIBUTIONS SETTLED ON A PLATEAU - Brand Spur