Thursday, 18 November 2021 06:34

FAAC: Distributable revenue down N68bn as FG, states, LGs share October allocation

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Federation accounts allocation committee (FAAC) shared N671.910 billion among the three tiers of government for October.

This figure is down by N68 billion from the allocation distributed in September 2021.

Oshundun Olajide, acting director, (information), ministry of Finance, disclosed in a statement that the allocation was distributed at the FAAC meeting in Lagos on Wednesday.

According to the communique issued by FAAC at the end of the meeting, it indicated that the gross revenue available from the VAT for the month under review was N166.284 billion as against N170.850 billion distributed in September, resulting in a decrease of N4.566 billion.

Of the amount, inclusive of VAT, augmentations, exchange gain and non-oil mineral revenue, the federal government received N284.292 billion, states N209.838 billion and the 774 LGAs received  N156.282 billion.

It added that oil-producing states received N21.498 billion as a 13 percent derivation of mineral revenue.

“The distribution is as follows; federal government got N23.227 billion, states received N77.422 billion, LGs got N54.195 billion, transfers and refunds received N4.789 billion and cost of collection got N6.651 billion,” the statement reads

“The distributed statutory revenue of N407.864 billion received for the month was lower than the N692.283 billion received for the previous month by N284.419 billion.

“Of this, the federal government received N180.551 billion, states got N91.578 billion, local government council got N70.603 billion, derivation (13 per cent mineral revenue) got N21.118 billion, cost of collection received N17.940 billion while transfers and refunds got N26.075 billion.”

The communiqué also disclosed the augmentations of N100 billion — as the federal government received N52.680 billion, states got N26.720 billion, while the LGAs received  N20.6 billion.

Also, N50 billion from non-oil revenue was shared as follows: Federal Government received N26.340 billion, states got N13.360 billion and LGCs N10.3 billion.

 

The Cable