FAAC Distributes N682.060bn To FG, States, LGs
As August 2020 earnings
BY COBHAM NSA – The Federation Accounts Allocation Committee (FAAC) has distributed a total of N682.060 billion as August 2020 revenue to the three tiers of government and agencies.
Rising from the monthly FAAC meeting for September 2020 held through virtual conferencing, the Committee said gross statutory revenue shared to the Federal, States and Local Government Councils was about N11.958 billion lower than the preceding month.
Chaired by Permanent Secretary, Federal Ministry of Finance, Dr Mahmud Isa-Dutse, the meeting stated that the gross statutory revenue for the month was N531.830 billion compared to N543.788 billion that accrued in July 2020.
Also, the gross revenue from the Value Added Tax (VAT) was N150.230 billion, representing about N17.611 billion over the July figure of N132.619 billion.
A FAAC communiqué issued in Abuja, showed that from the total distributable revenue of N682.060 billion; the Federal Government got N272.905 billion; the State Governments received N197.648 billion; while the 774 Local Government Councils charted home N147.422 billion as their share of the revenue.
For the Oil Producing States, they got N30.881 billion as 13 per cent derivation revenue, while N33.205 billion was allocated as cost of revenue collection and transfers.
Further breakdown of the shared allocations indicated that the Federal Government got N251.948 billion from the gross statutory revenue of N531.830 billion; the State Governments received N 127.791 billion and the Local Government Councils got N98.522 billion.
In the same vein, N30.881 billion went to the oil producing States as 13 per cent derivation revenue with N22.689 billion allocated as total cost of revenue collection, transfers and refunds to agencies.
From the VAT revenue of N150.230 billion, the Federal Government got N20.957 billion; the State Governments got N69.857billion; the Local Government Councils received N48.900 billion, while cost of revenue collection and transfers collectively had allocation of N10.516 billion.
The Communiqué also stated that for August 2020, Oil and Gas Royalty, Companies Income Tax (CIT), Import and Excise Duty and Value Added Tax (VAT) witnessed considerable increase while accruals to Petroleum Profit Tax (PPT) dropped significantly.
According to the FAAC figures, the balance in the Excess Crude Account (ECA) as at 17th September, 2020 was $72.409 million.
