October 18, 2019

FG, States, LGs share N693bn for Sept. 2019 ― FAAC

Ahmed Idris

By Emmanuel Elebeke

The  Federation  Account Allocation Committee (FAAC) on Thursday shared a total of N693.529billion to the three tiers of Government for the month of September, 2019.
Tax, FG, States, LGs share N693bn for Sept. 2019 ― FAAC
The N693.529billion comprised revenue from Value Added Tax(VAT), Exchange Gain and Gross Statutory Revenue in the month.
The Communiqué read by the Accountant General of the Federation (AGF) Ahmed Idris,  confirmed that the gross statutory revenue for the month of September 2019 was N599.701billion.
The amount was less than the  N631.796billion  received in the previous month by N32.095 billion.
For the month of September,  gross revenue of N92.874 billion was generated from the Value Added Tax as against N88.082 billion distributed in the previous month,  resulting in an increase of N4.792 billion.
A breakdown of the allocation showed that from the total revenue of N693.529 billion shared,  the Federal Government received N293.801 billion,  the States received N186.816 billion, and the Local Government Council received N140.864 billion.
The Oil Producing States shared N51.532 billion as 13% derivation revenue and the Revenue Generating Agencies received N20.517 billion as cost of revenue collection.
Meanwhile, N0.954billion was realised from Exchange Gain as total revenue for the month.
The N92.874 billion gotten from Value Added Tax (VAT)  revenue was shared accordingly in which the Federal Government received N13.374billion,  the States received N44.580 billion,  and Local Government Councils received N31.206 billion and the Revenue Generating Agencies received N3.715 billion.
The communique also stated that in September 2019, revenue from Petroleum Profit Tax (PPT) and Company Income Tax (CIT) decreased while Royalties, Import and Excise Duties and Value Added Tax increased considerably.
However, the AGF said that as at 17th October 2019, the balance in the Excess Crude Account was  $323.692million.