FAAC shares N693.529bn to FG, States, and LGAs for September

• FG, N2293.801bn; States, N186.816bn; LGAs, N140.864bn

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 2019.

The amount shared comprised revenue from Value Added Tax (VAT), Exchange Gain and Gross Statutory Revenue. The Committee announced that as at 17th October, 2019, the balance in the Excess Crude Account was $323.692 million.

A communique by the Federation Account Allocation Committee (FAAC) chaired by the Accountant General of the Federation (AGF) Ahmed Idris, confirmed that from the total revenue of N693.529 billion, the Federal Government received N293.801 billion, the States received N186.816 billion and the Local Government Council received N140.864 billion.

The oil- producing States received N51.532 billion as 13% derivation revenue and the Revenue Generating Agencies received N20.517 billion as cost of revenue collection.

The gross statutory revenue for the month of September 2019 was N599.701 billion. It was less than the N631.796 billion received in the previous month by N32.095 billion.

For the month of September, gross revenue of N92.874 billion 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 total revenue of N0.954 billion.

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% 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 communique also stated that in September 2019, revenue from Petroleum Profit Tax (PPT) and Company Income Tax (CIT) decreased while Royalties, Import and Excise Duties and Value Added Tax increased considerably.