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FAAC: FG, States, LGAs share 639.901bn for September

FAAC: FG, States, LGAs share 639.901bn for September

 

The Federal Government States and the Local Government Areas on Thursday, shared N639.901 billion as as federation allocation for the month of September 2020.

This was made known in a communiqué issued at the end of the Federation Accounts Allocation Committee (FAAC), meeting chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Alh. Aliyu Ahmed in Abuja.

From this amount, inclusive of cost of collection to NCS, DPR and FIRS, the Federal Government received N255.748 billion, the States received N185.645 billion, the Local Government councils got N138.444 billion while the oil producing states received N36.188 billion as derivation (13% of Mineral Revenue) and Cost of Collection/Transfer and Refunds got N23.876 billion.

The communiqué showed that the Gross Revenue available from the Value Added Tax (VAT) for September, 2020 was N141.858 billion as against  N150.230 billion distributed in the preceding month of August, 2020, resulting in a decrease of N8.372 billion.

The distribution went as follows; Federal Government got N19.789 billion, the States received N65.964 billion, Local Government Councils got N46.175 billion, while Cost of Collection/Transfer and Refund  got N9.930 billion.

Statutory Revenue received and distributed was N341.501 billion for the month and was lower than the N531.830 billion received for the previous month by N190.329 billion, from which the Federal government received N161.131 billon, States got N81.728 billion, LGAs got N63.009 billion, Derivation (13% Mineral Revenue) got N21.688 billion and Cost of Collection/ Transfer and Refund got N13.946 billion.

The communiqué also revealed that Oil and Gas Royalty, Companies Income Tax (CIT) decreased significantly. Import Duty and Value Added Tax (VAT) according to the communique also decreased marginally, while Petroleum Profit Tax (PPT) and Excise Duty recorded increases.

The  communiqué, however, disclosed that total revenue distributable for the current month was augmented with the sums of N39.542 billion, N45.000 billion and N72.000 billion from ForexEqualisation, Non Oil Excess Revenue and FGN Intervention respectively, bringing the total Distributable Revenue to N639.901billion.

The balance in the Excess Crude Account as at 15th October 2020 stands at $72.409 million.

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