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ECA now $72.409m
BY COBHAM NSA – The Federation Accounts Allocation Committee (FAAC) has distributed N604.004 billion as the October monthly allocation to the three tiers of government.
The amount, inclusive cost of collection to Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and Federal Inland Revenue Service (FIRS), saw the Federal Government receiving N220.751 billion while the States and the 774 Local Government councils got N161.825 billion and N120.588 billion respectively.
On its part, the oil producing states got N31.902 billion as 13 per cent derivationnof Mineral Revenue while N48.939 billion was paid out as cost of collection/transfer and refunds to deserving beneficiaries.
A FAAC communique at the end of its meeting, presided over by Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Alhaji Aliyu Ahmed, indicated that the gross revenue available from Value Added Tax (VAT) for October 2020 stood at N126.463 billion as against N141.858 billion distributed in the preceding month of September, 2020. The figure represents a drop of about N15.395 billion.
The shared amount showed that the Federal Government got N17.642 billion; the States received N58.805 billion; Local Government Councils got N41.167 billion; while Cost of Collection/Transfer and Refund received N5.059 billion with allocation to North East Development Commission (NEDC) project being N3.794 billion.
The FAAC communique said; “The distributed Statutory Revenue of N378.148 billion received for the month was higher than the N341.501 billion received for the previous month by N36.647 billion, from which the Federal government received N166.195 billon, States got N84.296 billion, LGCs got N64.989 billion, Derivation (13% Mineral Revenue) got N21.581 billion and Cost of Collection/ Transfer and Refund got N40.086 billion.”
It also revealed that while Oil and Gas Royalty, Companies Income Tax (CIT) increased substantially, it was a downward trend for Import Duty, Excise Duty, Value Added Tax (VAT), and Petroleum Profit Tax (PPT) which recorded decreases in their collection profiles
A statement by Hassan Dodo, Director of Information in the Federal Ministry of Finance, Budget and National Planning, quoted the communiqué as disclosing that the total revenue distributable for the current month was augmented with the sums of N72.000 billion, and N7.392 billion from Forex Equalization and FGN Intervention respectively.
This also includes an augmentation of N20 billion from the Stabilization Account because of low revenue which is to be shared accordingly to the three tiers of government, bringing the total distributable revenue to N604.004 billion.
The statement however said current balance in the Excess Crude Account as at Wednesday, November 18, 2020 stands at $72.409 million.
