FAAC: FG, States, LGCs share N604bn for October

Mr Aliyu Ahmed, the Permanent Secretary, Ministry of Finance, Budget and National Planning on Wednesday said the three tiers of government shared N604.004 billion as federation allocation for October.

Ahmed said this in a statement issued by Mr Hassan Dodo, the Director for Information at the end of the Federation Accounts Allocation Committee (FAAC) meeting in Abuja.

The permanent secretary said the N604.004 billion shared included cost of collection to Nigeria Customs Service (NCS), Department for Petroleum Resources (DPR) and Federal Inland Revenue Service (FIRS).

He said the Federal Government received N220.751 billion, the States received N161.825 billion, and the Local Government Councils (LGCs) got N120.588 billion.

Ahmed added that the oil producing states received N31.902 billion as derivation (13 per cent of mineral revenue) and cost of collection/transfer and refunds got N48.939 billion.

According to the communique issued by the committee, gross revenue available from the Value Added Tax (VAT) for October was N126.463 billion.

This was against N141.858 billion distributed in the preceding month of September, resulting in a decrease of N15.395 billion.

“The distribution is as follow: Federal Government got N17.642 billion, the States received N58.805 billion, Local Government Councils got N41.167 billion, while Cost of Collection/Transfer and Refund got N5.059 billion and Allocation to NEDC project received N3.794 billion.

“The distributed Statutory Revenue of N378.148 billion received for the month was higher than the N341.501 billion received for the previous month by N36.647 billion from which the Federal Government received N166.195 billon, States got N84.296 billion, LGCs got N64.989 billion, derivation (13% Mineral Revenue) got N21.581 billion and Cost of Collection/ Transfer and Refund got N40.086 billion.”

The communique also revealed that Oil and Gas Royalty, Companies Income Tax (CIT) increased substantially.

However, Import Duty, Excise Duty, VAT, and Petroleum Profit Tax (PPT) recorded decreases.

It further disclosed that the total revenue distributable for the current month was augmented with the sums of N72 billion and N7.392 billion from Forex Equalisation and FGN Intervention respectively.

It said it included an augmentation of N20 billion from the Stabilisation Account.

“This is because of low revenue which is to be shared accordingly to the three tiers of government, bringing the total Distributable Revenue to N604.004 billion.

“The balance in the Excess Crude Account as at Nov. 18 stands at 72.409 million dollars.”