FAAC: FG, States, LGCs share N739.96bn

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Finance Minister Zainab Ahmed

FAAC: FG, States, LGCs share N739.96bn

The Federation Accounts Allocation Committee (FAAC) has shared, to the three tiers of government, N739.965 billion as federation allocation for the month of September.

This is contained in a statement issued on Thursday in Abuja by Mr Oshundun Olajide, Deputy Director (Information), Ministry of Finance, Budget and National Planning.

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According to the statement, the meeting was held through a Virtual Conference.

It reads, “From the N739.965 billion, inclusive of Value Added Tax (VAT), and Exchange Gain, the Federal Government received N301.311 billion, the states received N220.272 billion, the LGCs got N164.176 billion.

“However, the oil producing states received N54.206 billion as derivation (13 per cent of Mineral Revenue).

“The communique issued indicated that the Gross Revenue available from VAT for September was N170.850 billion distributed in the preceding month, resulting in a decrease of N7.659 billion.

“The distribution is as follows; Federal Government got N23.864 billion, the States received N79.548 billion, Local Government Councils got N55.684 billion.

“The distributed Statutory Revenue of N692.283 billion received for the month was higher than the N537.518 billion received in the previous month by N154.765 billion. 

“From this amount, the Federal government received N276.008 billon, states got N139.995 billion, LGCs got N107.930 billion, and Derivation (13 per cent Mineral Revenue) got N53.831 billion.”

The statement further said that the communique further revealed that Petroleum Profit Tax (PPT), Oil and Gas Royalties and Excise Duty increased significantly, while Import Duty and VAT and Companies Income Tax (CIT), decreased marginally.

Oshundun also disclosed that the total revenue distributable for the current month was inclusive of Gross Statutory Revenue of N577.765 billion, VAT of N159.096 billion, and Exchange Gain of N3.104 billion, which he said, brought the total distributable revenue to N739.965 billion, while the balance of Excess Crude Account stands at $60.860 million as of today.

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