FAAC: Fed, States, Local Govts Revenue Down By N284bn In Oct

The revenue shared by the Federal Government, States and Local Governments (LGs) dropped by N284.41billion in October, the Accountant-General of the Federation (AGF), Ahmed Idris, said, yesterday.
According to the communique by the Federation Accounts Allocation Committee (FAAC) at the end of the meeting held yesterday in Lagos, Idris said the gross statutory revenue of N407.86billion was received in October, lower than the N692.28billion received in the previous month by N284.41billion.
Petroleum Profit Tax (PPT), Oil and Gas Royalties and Companies Income Tax (CIT) decreased considerably.
There was a slight decline in Value Added Tax (VAT) whereas, import Duty and Excise Duty increased marginally.
The distributable Statutory Revenue for the month was N363.84billion, VAT stood at N154.84billion and Exchange Gain was N3.21billion.
Idris also said there were augmentations of N100billion from non-oil mineral revenue bringing the total distributable revenue to N671.91billion.
According to him, the Federal Government takes 15per cent of VAT distribution, state government, 50per cent and Local Government 35per cent.
“Sectoral breakdown of funds available for distribution for the month of October showed that mineral revenue in October stood at N167.56billion lower than N422.70billion in September, this created a revenue differenceof -N255.13billion. For non-mineral revenue, N240.29billion as against N269.58billion creating a revenue difference of -N29.28billion,” he stated in the report.
“Comparative analysis of funds available with prior statements of accounts showed that total funds available for distribution stood at N407.86billion as against N692.28billion in September.”
According to it, the communique by FAAC, Gross Revenue available from the VAT for the month under review was N166.284billion as against N170.850billion distributed in September, resulting in a decrease of N4.566billion.
“The distributed statutory revenue of N407.864billion received for the month was lower than the N692.283billion received for the previous month by N284.419billion.
“Of this, the Federal Government received N180.551billion, states got N91.578billion, LGCs got N70.603billion, derivation (13 per cent mineral revenue) got N21.118billion, cost of collection received N17.940billion while transfers and refunds got N26.075billion,” it stated.