FAAC distributes N558bn To FG, States, LGs In Sept

BY COBHAM NSA, ABUJA – The three tiers of government on Tuesday shared N558 billion as distributable revenue from the Federation Account Allocation Committee (FAAC) for the month of September 2017.

According to Minister of Finance, Mrs Kemi Adeosun, the gross statutory revenue of N423.961 billion for the month represented a shortfall of about N127.023 billion compared to the sum of N550.992 billion earned in the month of August 2017. 

Adeosun stated that significant increase was witnessed in accruable income from export sales of $176.4 million due to recorded boost in crude oil production in the region of about 4.12 million barrels. 

Represented by the Accountant General of the Federation (AGF), Alhaji Ahmed Idris at the FAAC meeting in Abuja, the Minister said the sum of N210.051 billion, including Value Added Tax (VAT) revenue, went to the Federal Government while the States received a total of N140.447 billion, with a total of N107.441 billion, inclusive of VAT going to the 774 local governments.

Further figures from FAAC showed that Federal Inland Revenue Service (FIRS), which generated N97.520 billion for the month, got the sum of N3.820 billion, representing four (4) per cent cost of its total monthly collection. However, the AGF announced FAAC’s refund of N2 billion to the FIRS as outstanding fees for its monthly collection cost. 

Similarly, the Nigeria Customs Service (NCS) received about N3.557 billion being seven (7) per cent collection cost of the N50.815 billion generated in September.

It was also that same story for Department of Petroleum Resources (DPR) which got N3.214 billion as its four (4) per cent cost of collection from the sum of N80.361 billion generated for the same month.