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Fed Govt, States, Local Share A Whopping Sum Of N639.901b for September

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The Federation Accounts Allocation Committee (FAAC) has shared N639.901 billion in September as federation account revenue to the Federal, states and local government areas and agencies.

The committee announced this on Thursday after its meeting for October at the Federal Ministry of Finance headquarters in Abuja.

The meeting was chaired by the Permanent Secretary in the Federal Ministry of Finance, Alhaji Aliyu Ahmed.

The total distributable revenue of ?639.901 billion comprised statutory revenue of N341.501 billion; Value Added Tax (VAT) revenue of N141.858 billion; N39.542 billion from Forex Equalisation; N45 billion from Non-Oil Excess Revenue and N72 billion Federal Government Intervention Revenue.

The gross statutory revenue of N341.501 billion available for September 2020 was lower than the ?531.830 billion received in the previous month by N190.329 billion.

The gross revenue of N141.858 billion available from VAT was also lower than the N150.230 billion available in the previous month by N8.372 billion.

A communiqué issued by the FAAC indicated that from the total distributable revenue of ?639.901 billion; the Federal Government received N255.748 billion, the State Governments received N185.645 billion and the Local Government Councils received N138.444 billion.

The commission said N36.188 billion was disbursed to oil mineral producing states as 13 per cent mineral revenue, while cost of collection and transfers had an allocation of N23.876 billion.

The Federal Government received N161.131 billion from the gross statutory revenue of N341.501 billion; the State Governments received N81.728 billion and the Local Government Areas received ?63.009 billion.

It said N21.688 billion was given to relevant states as 13 per cent mineral revenue and N13.964 billion was for cost of collection, transfers and refunds.

The government picketed N19.789 billion from the VAT revenue of N141.858 billion, while state governments received N65.964 billion.

Local Government Areas got N46.175 billion, while cost of collection, transfers and refunds were allocated ?9.930 billion.

From the N39.542 billion Forex Equalisation revenue, the Federal Government got N18.123 billion, the states got N9.192 billion, local government areas N7.087 billion and the relevant states got ?5.140 billion as 13 per cent mineral revenue.

The communique revealed that out of the N45 billion Non-Oil Excess Revenue, the Federal Government got N23.706 billion, the states got N12.024 billion and the local government areas got N9.270 billion.

From the N72 billion Federal Government’s Intervention Revenue, the Federal Government got N32.999 billion, the states got ?16.737 billion, local government areas got N12.904 billion and oil mineral producing states got N9.360 billion as 13 per cent mineral revenue.

In September 2020, Companies Income Tax (CIT) and Oil and Gas Royalty decreased significantly; Import Duty and VAT decreased marginally, while Petroleum Profit Tax (PPT) and Excise Duty recorded increases.

The balance in the Excess Crude Account (ECA) as at October 15, 2020 was $72.409 million.

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