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FG, states, LGAs share N682.1bn for August

The Federation Accounts Allocation Committee (FAAC) has shared a total of N682.060 billion as revenue for August 2020 to the federal, states, local government councils…

The Federation Accounts Allocation Committee (FAAC) has shared a total of N682.060 billion as revenue for August 2020 to the federal, states, local government councils and agencies.

This was announced during the monthly Federation Account Allocation Committee (FAAC) meeting for September 2020 held virtually and chaired by Dr Mahmud Isa-Dutse, the Permanent Secretary, Federal Ministry of Finance.

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A communiqué after the meeting said the gross statutory revenue of N531.830bn was received for the month of August 2020.

This was lower than the N543.788bn received in the previous month by N11.958bn.

Oil and Gas Royalty, Companies Income Tax (CIT), Import and Excise Duty and Value Added Tax (VAT) increased considerably, while the Petroleum Profit Tax (PPT) decreased significantly.

The balance in the Excess Crude Account (ECA) as at September 17, 2020 was $72.409 million.

Also the gross revenue available from the Value Added Tax (VAT) was N150.230bn as against N132.619bn available in the previous month, resulting in an increase of N17.611bn.

The communiqué indicated that from the total distributable revenue of N682.060bn; the federal government received N272.905bn, the state governments received N197.648bn and the local government councils received N147.422bn.

The oil-producing states received N30.881bi as 13% derivation revenue, while the cost of revenue collection and transfers collectively had an allocation of N33.205bn.

The federal government received N251.948bn from the gross statutory revenue of N531.830bn; the state governments received N 127.791bn and the local government councils received N98.522bn.

N30.881bn was given to the relevant states as 13% derivation revenue and N22.689bn was the collective total for the cost of revenue collection, transfers and refund to agencies.

The Federal Government received N20.957bn from the Value Added Tax (VAT) revenue of N150.23bn.

The state governments received N69.857bn; the local government councils received N48.90bn, while the cost of revenue collection and transfers collectively had an allocation of N10.516bn.