FAAC: FG, States, LGs get N702.05bn in October

Temitayo Ayoola

The Federation Accounts Allocation Committee (FAAC) has shared a total of N702.058 billion to the three tiers of government for the month of October 2019.

This was announced at the FAAC meeting on Wednesday, chaired by the Accountant General of the Federation, Ahmed Idris FCNA.

The N702.058 billion comprised revenue from Value Added Tax (VAT), Exchange Gain and Gross Statutory Revenue. The FAAC announced that as at 20th November 2019, the balance in the Excess Crude Account was $ 324 million.

The gross statutory revenue for the month of October 2019 was N596.041billion. It was lower than the N599.701 billion received in the previous month by N3.660 billion. Revenue from Value Added Tax (VAT) was N 104.910 billion as against N92.874 billion distributed in the preceding month, resulting in an increase of N12.036 billion. Exchange Gain yielded a total revenue of N1.107 billion.

A communique issued by the Federation Account Allocation Committee (FAAC) indicated that from the total revenue of N702.058 billion, the Federal Government received N295.737 billion, the States received N192.697 billion, and the Local Government Councils received N144.987 billion. The Oil Producing States received N49.164 billion as 13% derivation revenue and the Revenue Generating Agencies received N19.472 billion as cost of revenue collection.

A breakdown of the distribution showed that from the gross statutory revenue of N596.041 billion, the Federal Government received N280.110 billion, the States received N142.076 billion, the Local Government Councils received N109.534 billion, the Oil Producing States received N49.044 billion as 13per cent derivation revenue and the Revenue Collecting Agencies received N15.276 billion as the cost of collection.

From the Value Added Tax (VAT), the Federal Government received N15.107 billion, the States received N50.357 billion, the Local Government Councils received N35.250 billion and the Revenue Generating Agencies received N4.196 billion.

The communique confirmed that for the month of October 2019, revenues from Companies Income Tax(CIT), Value Added Tax (VAT) and import duty increased remarkably, while Royalties, Petroleum Profit Tax (PPT) and Excise Duty decreased significantly.