FAAC Distributes N702.058bn To FG, States, LGs As Oct Revenue
BY COBHAM NSA, ABUJA – The three tiers of government have shared a total of N702.058 billion from the Federation Accounts Allocation Committee (FAAC) as monthly revenue for October 2019
Announcing the distributable revenue at the FAAC meeting on Wednesday, Accountant General of the Federation (AGF), Ahmed Idris said the figure consists of earnings from Value Added Tax (VAT), Exchange Gain and Gross Statutory Revenue for the period under review.
Idris also disclosed that by November 20, 2019, the balance in the Excess Crude Account stood at $324 million.
Explaining that the gross statutory revenue for October 2019 was N596.041 billion, the Accountant General said the amount fell short of the N599.701 billion figure received in the previous month by about N3.660 billion.
According to him, earnings from VAT amounted to N 104.910 billion compared to about N92.874 billion distributed in the preceding month, adding that the figure indicated an increase of N12.036 billion during the period.
Alhaji Idris also stated that Exchange Gain yielded a total revenue of N1.107 billion into the federation account coffers for the month.
A communique issued by FAAC indicated that from the total revenue of N702.058 billion, the Federal Government got N295.737 billion while the States received N192.697 billion with N144,987 billion going to the 774 Local Government Councils.
Similarly, the Oil Producing States smiled home with N49.164 billion as 13 per cent derivation revenue just as the Revenue Generating Agencies got N19.472 billion as cost of revenue collection for the month.
A breakdown of the distribution showed that from the gross statutory revenue of N596.041 billion, the Federal Government received N280.110 billion, the States got N142.076 billion while the Local Government Councils went home with N109.534 billion.
For the Oil Producing States, about N49.044 billion accrued to them as 13 per cent derivation revenue even as the Revenue Collecting Agencies got N15.276 billion as cost of collection.
From the VAT collection, the Federal Government got N15.107 billion, the States received N50.357 billion with N35,250 billion going to the 774 Local Government Councils. Of the VAT accruals, the Revenue Generating Agencies went home with N4.196 billion for their efforts.
Furthermore, the FAAC communique said during the month, revenues from Companies Income Tax (CIT), Value Added Tax (VAT) and import duty went up remarkably, compared to Royalties, Petroleum Profit Tax (PPT) and Excise Duty that witnessed significant drop in their accruals.
