Fed Govt, states, councils share N693b - Dove Bulletin - Online News Bulletin

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Fed Govt, states, councils share N693b

Fed Govt, states, councils share N693b

The Federation Account Allocation Committee (FAAC) has shared N693.529billion to the three tiers of government for September.

The amount comprises revenue from Value Added Tax (VAT), Exchange Gain and Gross Statutory Revenue.

The Committee announced that as of October 17, the balance in the Excess Crude Account was $323.692million (about N117.2billion).

A communique issued by FAAC, chaired by the Accountant General of the Federation (AGF) Ahmed Idris, says the Federal Government received N293.801 billion.

States received N186.816 billion; the local government areas received N140.864 billion.

The oil-producing states got N51.532 billion as 13 per cent derivation revenue.

Revenue generating agencies received N20.517 billion as the cost of collection.

The gross statutory revenue for September was N599.701billion.

It was less than the N631.796billion received in August.

For September, gross revenue of N92.874 billion was from the Value Added Tax (VAT) as against N88.082 billion in the preceding month, resulting in an increase of N4.792 billion.

Exchange Gain yielded a total revenue of N0.954 billion.

From the gross statutory revenue of N599.701 billion, the Federal Government received N279.985 billion; the states received N142.012 billion, and the LGAs got N109.485 billion.

Oil-producing states received N51.417 billion as 13 per cent derivation revenue; the revenue collecting agencies received N16.802 billion as cost of collection.

From N92.874 billion Value Added Tax (VAT) revenue, the Federal Government received N13.374billion, the states received N44.580 billion, the LGAs received N31.206 billion and the revenue-generating agencies got N3.715 billion.

The communique adds that last month, revenue from Petroleum Profit Tax (PPT) and Company Income Tax (CIT) decreased; royalties, import and excise duties and VAT increased.
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