The Federation Account Allocation Committee (FAAC) chaired by the Accountant General of the Federation (AGF), Ahmed Idris FCNA, has shared a total of N693.529bn to the three tiers of Government for the month of September 2019.
The N693.529billion comprised revenue from Value Added Tax (VAT), Exchange Gain and Gross Statutory Revenue. The Committee announced that as at 17th October 2019, the balance in the Excess Crude Account was $323.692million.
A communique issued by the (FAAC) confirmed that from the total revenue of N693.529 billion, the Federal Government received N293.801bn, the States received N186.816bn, and the Local Government Council received N140.864bn.
The oil-producing States received N51.532bn as 13% derivation revenue and the Revenue Generating Agencies received N20.517bn as cost of revenue collection.
The gross statutory revenue for the month of September 2019 was N599.70bn. It was 5 percent or N32.095bn less than the N631.796bn received in the previous month. For the month of September, gross revenue of N92.874bn was available from the Value Added Tax as against N88.082bn distributed in the preceding month, resulting in an increase of N4.792bn. Exchange Gain yielded total revenue of N0.954bn.
A break of the distribution showed that from the gross statutory revenue of N599.701bn, the Federal Government received N279.985bn, the States received N142.012bn, the Local Government Councils received N109.48bn, the oil-producing States received N51.417bn as 13% derivation revenue and the Revenue Collecting Agencies received N16.802bn as cost of collection.
The N92.874bn from Value Added Tax (VAT) revenue was shared accordingly in which the Federal Government received N13.374bn, the States received N44.580bn, and Local Government Councils received N31.206bn and the Revenue Generating Agencies received N3.715bn.
The communique also stated that in September 2019, revenue from Petroleum Profit Tax (PPT) and Company Income Tax (CIT) decreased while Royalties, Import and Excise Duties and Value Added Tax increased considerably.
HARRISON EDEH, ABUJA
