Sept FAAC: In October N739.965bn Shared Among Three Tiers Of Government

Sept FAAC: IN OCTOBER N739.965bn Shared Among Three Tiers Of Government

The federal government, 36 states and the Federal Capital Territory and 774 Local Government Areas on Thursday shared N739.965 billion as September allocation from the Federal Account Allocation Committee (FAAC).

This was contained in a communiqué issued at the end of the virtual meeting of the Federation Account Allocation Committee (FAAC) for October.

The N739.965 billion total distributable revenue comprised distributable atatutory revenue of N577.765 billion, distributable Value Added Tax (VAT) revenue of N159.096 billion and Exchange Gain of N3.104 billion.

In September 2021, N126.272 billion was the total deductions for cost of collection, statutory transfers, savings and refunds. The balance in the Excess Crude Account (ECA) was $60.860 million.

The communiqué confirmed that from the total Distributable Revenue of N739.965 billion, the Federal Government received N301.311 billion, the State Governments received N220.272 billion, and the Local Government Councils received N164.176 billion. The sum of N54.206 billion was shared to the relevant States as 13% derivation revenue.

The distributable statutory revenue of N577.765 billion was available for the month. From this amount, the Federal Government received N276.008 billion, the State Governments received N139.995 billion and the Local Government Councils received N107.930 billion. The sum of N53.831 billion was given to the relevant States as 13% derivation revenue.

The gross revenue available from the Value Added Tax (VAT) was N170.850 billion. This was lower than the N178.509 billion available in the month of August by N7.659billion.

The sum of N4.920 billion allocation to the North East Development Commission (NEDC) and N6.834 billion cost of revenue collection were deducted from the N170.850 billion gross Value Added Tax (VAT) revenue, resulting in the distributable Value Added Tax (VAT) revenue of N159.096 billion.

From the N159.096 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N23.864 billion, the State Governments received N79.548 billion and the Local Government Councils received N55.684 billion.

The Federal Government received N1.438 billion from the Exchange Gain revenue of N3.104 billion. The State Governments receive N0.729 billion, the Local Government Councils received N0.562 billion and N0.375 billion was shared to the relevant States as 13% derivation revenue.

According to the communiqué, in the month of September 2021, Petroleum Profit Tax (PPT), Oil and Gas Royalties and Excise Duty increased significantly while Companies Income Tax (CIT), Value Added Tax (VAT) and Import Duty decreased marginally.

Details for the 774 LGA shall be released soon