BY COBHAM NSA, ABUJA – The three tiers of Government have received a total of N693.529 billion from the Federation Account Allocation Committee (FAAC) as shared revenue for the month of September 2019.
The distributable amount consists of revenue from Value Added Tax (VAT), Exchange Gain and Gross Statutory Revenue for the month.
According to figures announced by FAAC, the balance in the Excess Crude Account (ECA) as at October 17, 2019, stood at $323.692 million.
A Communique issued at the end of FAAC’s monthly meeting chaired by Accountant General of the Federation (AGF), Ahmed Idris, said of the N693.529 billion shared for this month, the Federal Government got N293.801 billion, while the States and Local Government Councils received N186.816 billion and N140.864 billion respectively.
For the oil-producing States, their 13 per cent derivation revenue amounted to N51.532 billion while the Revenue Generating Agencies pocketed N20.517 billion as their cost of revenue collection.
The communiqué further explained that the gross statutory revenue for September 2019 was N599.701billion, representing about N32.095 billion less than the N631.796 billion recorded in the month of August.
From the Value Added Tax (VAT), the sum of N92.874 billion accrued into the Federation Account for the month compared to the August figure of N88.082 billion. The amount represents an increase of N4.792 billion even as the Exchange gain also yielded total revenue of N0.954 billion into the federation coffers.
Distribution of the N599.701 billion gross statutory revenue indicated that the Federal Government got N279.985 billion; the States received N142.012 billion while the Local Government Councils smiled home with N109.485 billion.
The Oil Producing States received N51.417 billion as 13 per cent derivation income with the Revenue Collecting Agencies receiving N16.802 billion for their cost of collection.
Similarly, the Value Added Tax (VAT) revenue of N92.874 billion was distributed accordingly with N13.374 billion going to the Federal Government; N44.580 billion for the States and N31.206 billion netted by the 774 Local Government Councils. Of the amount, the Revenue Generating Agencies got N3.715 billion for their efforts.
The communique also indicated that during the month, there was downward trend in revenue accruing from Petroleum Profit Tax (PPT) and Company Income Tax (CIT), even as royalties, import and excise duties as well as VAT witnessed considerably rise within the same period.
