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FAAC: FG, States, LGs share N639.9bn for Sept, as FG sees decline in VAT revenue

federal government

FAAC: FG, States, LGs share N639.9bn for Sept, as FG sees decline in VAT revenue

By Admin
The Federal Government (FG) states and local government councils have shared N639.901 billion for the month of September, Mr. Aliyu Ahmed, Permanent Secretary, Ministry of Finance, Budget and National Planning, has said.

Mr. Hassan Dodo, Director of Information in the ministry, quoted Ahmed as disclosing this in a statement issued at the end of the Federation Accounts Allocation Committee (FAAC) meeting  in Abuja on Thursday.

Ahmed said that the N639.901 billion shared included cost of collection to Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and the Federal Inland Revenue Service (FIRS).

According to the permanent secretary, the Federal Government received N255.748 billion, states got N185.645 billion while local government councils had N138.444 billion.

He added that the oil producing states received N36.188 billion as derivation (13 per cent of Mineral Revenue) while Cost of Collection/Transfer and Refund was N23.876 billion.

According to the communique issued by the committee, the gross revenue available from the Value Added Tax (VAT) for September was N141.858 billion.

This was against the N150.230 billion distributed in August, resulting in a decrease of N8.372 billion.

“The distribution is 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.

“The distributed Statutory Revenue of  N341.501 billion received for the month was lower than the N531.830 billion received for the previous month by N190.329 billion, from which the federal government received N161.131 billion, states got N81.728 billion, LGCs got N63.009 billion, Derivation (13 per cent Mineral Revenue) got N21.688 billion and Cost of Collection/ Transfer and Refund got N13.946 billion.”

The communique also revealed that Oil and Gas Royalty, Companies Income Tax (CIT) decreased significantly.

Import Duty and VAT also decreased marginally, while  Petroleum Profit Tax (PPT) and Excise Duty recorded increases.

FG
Minister of Finance, Budget and National Planning, Zainab Ahmed

Furthermore, it was disclosed that total revenue distributable for the current month was augmented.

The augmentation was with the sums of N39.542 billion, N45 billion and N72 billion from Forex Equalisation, Non Oil Excess Revenue and FGN Intervention, respectively.

This brought the total Distributable Revenue to N639.901 billion.

The balance in the Excess Crude Account as at Oct. 15 stands at $72.409 million.