FG, States, LGs share N693.529bn in September – FAAC

The Federation Account Allocation Committee (FAAC) has shared a total of N693.529 billion to the three tiers of government for the month of September.

According to a statement on Thursday, the money comprises revenue from Value Added Tax (VAT), Exchange Gain, and Gross Statutory Revenue.

The committee chaired by the Accountant General of the Federation (AGF), Ahmed Idris, announced that the balance in the nation’s Excess Crude Account was $323.692 million as of October 17, 2019.

A communique issued by FAAC confirmed that from the total revenue of N693.529 billion, the Federal Government received N293.801 billion, the states received N186.816 billion, while the Local Government Councils received N140.864 billion.

On their parts, the oil-producing states received N51.532 billion as 13 per cent derivation revenue and the revenue-generating agencies received N20.517 billion as cost of revenue collection.

The gross statutory revenue for September was N599.701 billion, a sum less than the N631.796 billion received in the previous month by N32.095 billion.

The gross revenue of N92.874 billion in September was available from the Value Added Tax as against N88.082 billion distributed in the preceding month, resulting in an increase of N4.792 billion.

Exchange gain yielded a total revenue of N0.954 billion, the statement said.

A break of the distribution showed that from the gross statutory revenue of N599.701 billion, the Federal Government received N279.985 billion, the states received N142.012 billion, the Local Government Councils received N109.485 billion, the oil-producing states received N51.417 billion as 13 per cent derivation revenue and the revenue collecting agencies received N16.802 billion as cost of collection.

“The N92.874 billion gotten from Value Added Tax (VAT) revenue was shared accordingly in which the Federal Government received N13.374billion, the states received N44.580 billion, and Local Government Councils received N31.206 billion and the revenue-generating agencies received N3.715 billion,” the statement added.

The communique also stated that in September, revenue from Petroleum Profit Tax (PPT) and Company Income Tax (CIT) decreased while royalties, import and excise duties, and VAT increased considerably.