Thursday, 15 October 2020 23:30

FG, states, LGs share N640bn for September

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The balance in Nigeria’s excess crude oil revenue account (ECA) was $72.41 million as of September 2020 end, as the three tiers of government shared a total of N639.901 billion for the month.

Permanent Secretary, Federal Ministry of Finance, Mr Aliyu Ahmed, announced this on Thursday in Abuja at the end of the Federation Accounts Allocation Committee (FAAC) meeting.

Ahmed, who chaired the meeting, disclosed that total distributable revenue to the Federal, State and Local Government was N639.9 billion.

He said distributable revenue comprised statutory revenue of N341.501 billion; Value Added Tax (VAT) revenue of N141.858 billion; N39.542 billion from Foreign exchange equalisation; N45 billion from non-oil excess revenue and N72 billion as the Federal Government Intervention Revenue.

The gross statutory revenue of N341.501 billion available for September 2020 was lower than the N531.830 billion received in the previous month by N190.329 billion.

Gross revenue of N141.858 billion available from the Value Added Tax (VAT) was also lower than the N150.230 billion available in the previous month by N8.372 billion.

Ahmed who read from a communiqué issued by FAAC Secretariat indicated that from the total distributable revenue of N639.901 billion, Federal Government received N255.748 billion, State Governments received N185.645 billion and Local Government Councils received N138.444 billion.

The relevant states received N36.188 billion as 13 per cent derivation revenue, while the cost of collection and transfers had an allocation of N23.876 billion.

Federal Government received N19.789 billion from the Value Added Tax (VAT) revenue of N141.858 billion. State Governments received N65.964 billion; Local Government Councils received N46.175 billion, while the cost of collection, transfers, and refunds had an allocation of N9.930 billion.

From the N39.542 billion Forex Equalisation revenue, Federal Government received N18.123 billion, State Governments received N9.192 billion, Local Government Councils received N7.087 billion and the relevant States received N5.140 billion as 13 percent mineral revenue.