FAAC Shares N639.901bn Between FG, States, LGAs For Sept Allocation

Agency Report

The Federation Accounts Allocation Committee (FAAC) shared a total ₦639.901 billion for September 2020 from the Federation Account between the Federal, States and Local Government Areas.

This was disclosed after the first physical meeting of the Federation Account Allocation Committee (FAAC) for the month of October in months of virtual meetings held at the Federal Ministry of Finance headquarters, Abuja.

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

The total distributable revenue of ₦639.901billion comprised statutory revenue of ₦341.501 billion; Value Added Tax (VAT) revenue of ₦141.858 billion; ₦39.542 billion from Forex Equalisation; ₦45 billion from Non-oil Excess Revenue and ₦72 billion  Federal Government Intervention Revenue.

The gross statutory revenue of ₦341.501 billion available for the month of September 2020 was lower than the ₦531.830 billion received in the previous month by ₦190.329 billion.

The gross revenue of ₦141.858 billion available from the Value Added Tax (VAT) was also lower than the ₦150.230 billion available in the previous month by ₦8.372 billion.

A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that from the total distributable revenue of ₦639.901 billion; the Federal Government received ₦255.748 billion, the State Governments received ₦185.645 billion and the Local Government Councils received ₦138.444 billion.

₦36.188 billion was disbursed to oil mineral producing states as 13% mineral revenue, while cost of collection and transfers had an allocation of ₦23.876 billion.

The Federal Government received ₦161.131 billion from the gross statutory revenue of ₦341.501 billion; the State Governments received ₦ 81.728 billion and the Local Government Councils received ₦63.009 billion.

₦21.688 billion was given to the relevant States as 13% mineral revenue and ₦13.964 billion was the total for cost of collection, transfers and refunds.

The Federal Government picketed ₦19.789 billion from the Value Added Tax (VAT) revenue of ₦141.858 billion while State Governments received ₦65.964 billion.

Local Government Councils got ₦46.175 billion, while cost of collection, transfers and refunds were allocated ₦9.930 billion.

From the ₦39.542 billion Forex Equalisation revenue, the Federal Government received ₦18.123 billion, the State Governments ₦9.192 billion, Local Government Councils ₦7.087 billion and the relevant States received ₦5.140 billion as 13% mineral revenue.

The communiqué revealed out of the ₦45 billion Non-oil Excess Revenue, the Federal Government received ₦23.706 billion, the State Governments received ₦12.024 billion and the Local Government Councils got ₦9.270 billion.

From the ₦72 billion Federal Government Intervention Revenue the Federal Government received ₦32.999 billion, the State Governments, ₦16.737 billion, Local Government Councils received ₦12.904 billion and oil mineral producing states got ₦9.360 billion as 13% mineral revenue.

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

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

(The Nation)