FG, States, LGs Share N619.857bn for February *FGN March bond auction oversubscribed

The Federation Account Allocation Committee (FAAC) shared a total of

N619.857 billion to the three tiers of government for the month of

February as the monthly meeting of the Committee ended in Abuja on Wednesday.

This is coming as the FGN Bond Auction for March 2019 conducted by the

Debt Management Office (DMO) on Wednesday with N100 billion Bonds on offer was oversubscribed as was the case in January and February

2019.

A communique issued by FAAC  indicated that from the total distributive revenue of N619.857 billion, the federal government received N257.681 billion, states--N169.925, and  local government councils-N127.722 billion.

Oil producing states received N50.946 billion as 13 per cent

derivation revenue while the revenue generating agencies got  N13.582

billion as cost of revenue collection.

The total distributable revenue of N619.857 billion comprised revenue

from various sources, including distributable statutory revenue, Value

Added Tax (VAT), Exchange Gain Tax, Excess Bank Charges recovered and

Forex Equalisation.

The gross statutory revenue for February was N478.434 billion; VAT

revenue was N96.389 billion; Exchange Gain--N0.858 billion and Forex

Equalisation revenue --N44.176 billion.

The N478.434 billion gross statutory revenue for the reference  month

was lower than the N505.246 billion received the previous month by

N26.812 billion.

The gross revenue from VAT was N96.389 billion as against N104.468

billion distributed in the previous month, resulting in a decrease of

N8.079 billion.

From the total revenue from VAT, the federal government received

N13.880 billion, states received N46.267 billion, local government

Councils got  N32.387 billion while the revenue generating agencies

received N3.855 billion.

The communique stated that for the month of January 2019, the

federation crude oil sales increased by about 46 per cent, resulting

in increased federation revenue from $425.00 million previously to

$574.95 million.

The Excess Crude Account (ECA) as at March 27, 2019 stood at f $183 million.

Meanwhile, the FGN Bond Auction for March 2019 conducted by the Debt

Management Office (DMO) on Wednesday with N100 billion bonds on offer,

was oversubscribed  was the case in the January and February 2019.

The DMO offered three instruments at the Auction for 3, 7 and 10-year

tenors and  subscriptions for the three instruments was in excess of

N148 billion for competitive bids.

Non-competitive bids valued at N92.6 billion were also received,

taking the total  subscriptions across the 3 tenors to over N240.6

billion.