FAAC: FG, States, LGs Share N702bn for October

Federation Accounts Allocation Committee (FAAC) wednesday shared a total of N702.058 billion to the three tiers of government for October, 2019.

This was announced in a communique read by Accountant General of the Federation, Mr Ahmed Idris after FAAC meeting in Abuja.

Idris said that the N702.058 billion comprised revenue from Value Added Tax (VAT), Exchange Gain and Gross Statutory Revenue.

He explained that federal government received N295.7 billion; states got N192.697 billion, and local governments received N144.9 billion.

He stated that oil-producing states received N49.1 billion as 13 per cent derivation revenue and revenue generating agencies got N19.472 billion as cost of revenue collection.

He, however, disclosed that the gross statutory revenue for October 2019 was N596.041 billion.

He added that it was lower than the N599.701 billion received in the previous month by N3.660 billion.

He said the revenue from VAT was N104.910 billion as against N92.874 billion disbursed in the preceding month with an increase of N12.036 billion recorded.

According to him, the exchange gain yielded a total revenue of N1.107 billion.

He said as at November 20, balance in Excess Crude Account was $324 million.

He further stated that from VAT, federal government received N15.107 billion, States got N50.357 billion, local governments received N35.250 billion , while revenue generating agencies had N4.196 billion.

He acknowledged that for October, revenues from Companies Income Tax (CIT), VAT and import duty increased remarkably, while Royalties, Petroleum Profit Tax (PPT), and Excise Duty decreased significantly.

Idris noted that the committee was glad with the increase in revenue and expressed hope for its sustainability.



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