FG, States, LGAs share N702billion in October

The three tiers of government shared N702.058 billion as October revenue from the Federation Accounts Allocation Committee (FAAC).

This was announced at the FAAC meeting on Wednesday, chaired by the Accountant-General of the Federation, Ahmed Idris.

From that figure, the Federal Government received N295.737 billion, while the States received N192.697 billion and the Local Government Councils got  N144.987 billion. The oil producing states received N49.164 billion as 13% derivation revenue and the revenue generating agencies received N19.472 billion as cost of revenue collection.

According to him, the N702.058 billion comprised revenue from Value Added Tax (VAT), Exchange Gain and Gross Statutory Revenue.  He revealed that the balance in the Excess Crude Account was $ 324 million  as at  November 20.

The gross statutory revenue for  October 2019 was N596.041billion. It was lower than the N599.701 billion received in the previous month by N3.660 billion.  Revenue from Value Added Tax (VAT) was N 104.910 billion as against N92.874 billion distributed in the preceding month, resulting in an increase of N12.036 billion. Exchange Gain yielded a total revenue of N1.107 billion.

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 received N142.076 billion, the Local Government Councils received N109.534 billion, the Oil Producing States received N49.044  billion as 13% derivation revenue and the Revenue Collecting Agencies received N15.276 billion as cost of collection.

From the Value Added Tax (VAT), the Federal Government received N15.107 billion, the States received N50.357  billion, the Local Government Councils received N35.250 billion and the Revenue Generating Agencies received N4.196 billion.

The AGF confirmed that for October 2019, revenues from Companies Income Tax(CIT), Value Added Tax (VAT) and import duty increased remarkably, while Royalties, Petroleum Profit Tax (PPT) and excise duty decreased significantly.