The Federation Accounts Allocation Committee (FAAC) has shared a total of ₦639.901 billion September 2020 federation account revenue to the Federal, States, and Local Government Councils and agencies.
This was announced after the physical meeting of the Federation Account Allocation Committee (FAAC) for the month of October held at the Federal Ministry of Finance headquarters, Abuja. The meeting was chaired by Permanent Secretary, Federal Ministry of Finance, Alhaji Aliyu Ahmed.
The total distributable revenue of ₦639.901billion comprised statutory revenue of ₦341.501 billion; Value Added Tax (VAT) revenue of ₦141.858 billion; ₦39.542 billion from Forex Equalisation; ₦45 billion from Non-oil Excess Revenue and ₦72 billion Federal Government Intervention Revenue.
The gross statutory revenue of ₦341.501 billion available for the month of September 2020 was lower than the ₦531.830 billion received in the previous month by ₦190.329 billion.
The gross revenue of ₦141.858 billion available from the Value Added Tax (VAT) was also lower than the ₦150.230 billion available in the previous month by ₦8.372 billion.
A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that from the total distributable revenue of ₦639.901 billion; the Federal Government received ₦255.748 billion, the State Governments received ₦185.645 billion and the Local Government Councils received ₦138.444 billion.
The relevant States received ₦36.188 billion as 13% mineral revenue, while the cost of collection and transfers had an allocation of ₦23.876 billion.
The Federal Government received ₦161.131 billion from the gross statutory revenue of ₦341.501 billion; the State Governments received ₦81.728 billion and the Local Government Councils received ₦63.009 billion. ₦21.688 billion was given to the relevant States as 13% mineral revenue and N13.964 billion was the total for the cost of collection, transfers, and refunds.
The Federal Government received ₦19.789 billion from the Value Added Tax (VAT) revenue of ₦141.858 billion. The State Governments received ₦65.964 billion; the Local Government Councils received ₦46.175 billion, while the cost of collection, transfers, and refunds had an allocation of ₦9.930 billion.
From the ₦39.542 billion Forex Equalisation revenue, the Federal Government received ₦18.123 billion, the State Governments received ₦9.192 billion, the Local Government Councils received ₦7.087 billion and the relevant States received ₦5.140 billion as 13% mineral revenue.
The communique confirmed that out of the ₦45 billion Non-oil Excess Revenue, the Federal Government received ₦23.706 billion, the State Governments received ₦12.024 billion and the Local Government Councils received ₦9.270 billion.
The Federal Government received ₦32.999 billion, the State Governments received ₦16.737 billion, the Local Government Councils received ₦12.904 billion and the relevant States received ₦9.360 billion as 13% mineral revenue from the ₦72 billion Federal Government Intervention Revenue.
According to the Communiqué, in the month of September 2020, Companies Income Tax (CIT) and Oil and Gas Royalty decreased significantly; Import Duty and Value Added Tax (VAT) decreased marginally, while Petroleum Profit Tax (PPT) and Excise Duty recorded increases.
The balance in the Excess Crude Account (ECA) as of 15th October 2020 was $72.409 million.
Source: Channels TV
