FG, States, LGs Share N604bn In Oct, FAAC Confirms

The three tiers of government shared a total of N604billion in the month of October, 2020, the Federation Accounts Allocation Committee (FAAC) has said.
FAAC disclosed this in a communique it issued in Abuja, after its meeting chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Aliyu Ahmed, yesterday.
Out of the N604billion, the Federal Government received N220.751billion, states got N161.8billion, while the local government areas got N120.58billion.
The communique stated that the oil-producing states received N31.9billion as 13 per cent derivation.
It further stated that the gross revenue that available from the Value Added Tax (VAT) for October was N126.46billion.
This was against the N141.85billion that was distributed in September, 2020, hence VAT in October dropped by N15.39billion when compared to what was recorded in September.
A distributed statutory revenue of N378.14billion was received for the month of October and this was higher than the N341.5billion received in September by N36.64billion.
The communique stated that from this amount, the Federal Government received N166.19billion; states, N84.29billion; local government areas, N64.98billion: while 13 per cent derivation was put at N21.58billion.
From this amount, inclusive cost of collection to NCS, DPR and FIRS, the Federal Government received N220.751billion, the states received N161.825billion, local governments got N120.588billion, while the oil-producing states received N31.902billion as derivation (13% of Mineral Revenue) and Cost of Collection/Transfer and Refunds got N48.939billion.
The communique indicated that the gross revenue from Value Added Tax (VAT) for October was N126.463billion as against N141.858billion distributed in the preceding month of September, resulting in a decrease of N15.395billion.
The distribution is as follows: Federal Government got N17.642billion, states received N58.805billion, local governments got N41.167billion, while Cost of Collection/Transfer and Refund got N5.059billion and allocation to NEDC project received N3.794billion.
The distributed Statutory Revenue of N378.148billion received for the month was higher than the N341.501billion received for the previous month by N36.647billion.
From that amount, the Federal Government received N166.195billon, states got N84.296billion, local governments, N64.989billion, derivation (13% mineral revenue) got N21.581billion and Cost of Collection/Transfer and Refund got N40.086billion.
The communique also revealed that Oil and Gas Royalty, Companies Income Tax (CIT) increased substantially.
According to the communiqué, Import Duty, Excise Duty, Value Added Tax (VAT), and Petroleum Profit Tax (PPT), recorded decreases.
The communiqué further disclosed that the total revenue distributable for the current month was augmented with the sums of N72billion, and N7.392billion from Forex Equalisation and government’s intervention, respectively.
It also included augmentation of N20billion 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 N604.004billion.
The balance in the Excess Crude Account on November 18, stands at $72.409million.