23rd February 2024
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FAAC shares N702.058b revenue in Oct to Fed Govt, states, councils

FAAC shares N702.058b revenue in Oct to Fed Govt, states, councils

By  Nduka Chiejina, (Asst Editor)

A total of N702.058 billion was shared among  the three tiers of government on Wednesday. The amount represented revenue receipts  acruing to the Federation Account for the month of October 2019 presented by the Federation Accounts Allocation Committee (FAAC).

At the end of the monthhly meeting chaired by the Accountant General of the Federation, Ahmed Idris, it was disclosed that N702.058 billion comprising Value Added Tax (VAT) collection, Exchange Gain and Gross Statutory Revenue was shared among the three tiers of government.

It was also disclosed that as at  20th November 2019, the balance in the Excess Crude Account stood at $324 million.

For October 2019, the gross statutory revenue for the month 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 N104.910 billion as against the 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 Communique issued by the Federation Account Allocation Committee (FAAC) indicated that from the total revenue of N702.058 billion, the Federal Government received N295.737 billion, the states were allocated N192.697 billion, while the Local Government Councils got N144.987 billion.

The Oil Producing States received N49.164 billion, being 13 per cent derivation  and the Revenue Generating Agencies received N19.472 billion as cost of revenue collection.

A breakdown of the shared funds showed that from the gross statutory revenue of N596.041 billion, the central government received N280.110 billion, the states received N142.076 billion,  Local Government Councils received N109.534 billion, the Oil Producing States received N49.044  billion as 13 per cent derivation, while  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 got N50.357  billion, the Local Government Councils received N35.250 billion and the Revenue Generating Agencies received N4.196 billion.

The Communique confirmed that for the month of 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.
Source: Nation
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