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FG, states, local councils share N693.529 billion for September

The Federal Government, 36 states and the Federal Capital Territory and 774 local government areas shared N693.529 billion as of September allocation disbursed by the Federation Account Allocation Committee (FAAC).

The Accountant-General of the Federation (AGF) Ahmed Idris, who chaired the FAAC meeting said the N693.529 billion comprised revenue from Value Added Tax (VAT), exchange gain and gross statutory revenue.

He revealed that the balance in the excess crude account was $323.692 million.

A breakdown of the shared revenue shows that the Federal Government received N293.801 billion, while the states got N186.816 billion, and the local government councils received N140.864 billion. The oil-producing states got N51.532 billion as 13% derivation revenue, while the revenue-generating agencies received N20.517 billion as cost of revenue collection.

The gross statutory revenue for September 2019 was N599.701billion. It was less than the N631.796billion received in the previous month by N32.095 billion. For 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 further breakdown 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, while 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 got 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 communiqué 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 VAT increased considerably.

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