The federal, state and local governments have shared N739.965bn for September 2021 in spite standoff with the Paris Club refund consultancy fees deduction.
This was contained in a communiqué issued at the end of the virtual meeting of the Federation Account Allocation Committee for October, 2021.
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According to the communique, the N739.965bn total Distributable Revenue comprised distributable Statutory Revenue of N577.765bn, distributable Value Added Tax revenue of N159.096bn and Exchange Gain of N3.104bn.
In September 2021, the sum of N126.272bn was the total deductions for cost of collection, statutory transfers, savings and refunds. The balance in the Excess Crude Account was $60.860m.
The communiqué confirmed that from the total Distributable Revenue of N739.965bn, the Federal Government received N301.311bn; the state governments, N220.272bn and the local governments, N164.176bn.
The sum of N54.206bn was shared to the relevant states as 13% derivation revenue.
The distributable Statutory Revenue of N577.765bn was available for the month. From this amount, the Federal Government received N276.008bn; the state governments, N139.995bn and the local government councils, N107.930bn. The sum of N53.831bn was given to the relevant states as 13% derivation revenue.
In September 2021, the gross revenue available from the Value Added Tax was N170.850bn. This was lower than the N178.509bn available in the month of August by N7.659bn.
