Thursday, 24 November 2022 06:08

FAAC: FG, states, LGs share N737bn for October

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The balance in Nigeria’s Excess Crude Account (ECA) rose to $472,513.64 yesterday as the Federation Account Allocation Committee (FAAC) shared a total of N736.782 billion October revenue to the federal, state and local governments.

The ECA accruals had plummeted from $35.7 million in June 2022 to a mere $376,655.09 as of July 25, 2022.

Citing a communique, Director, Information/Press, Federal Ministry of Finance, Budget and National Planning, Phil Abiamuwe-Mowete, stated that from the N736.782 billion October revenue, including Gross Statutory Revenue, Value Added Tax (VAT), Exchange Gain and Augmentation from non-oil revenue, the federal government received N293.955 billion while the states received N239.512 billion.

Local government councils got N177.086 billion, while oil producing states received N26.228 billion as 13 per cent mineral revenue.

The communiqué explained that gross revenue available from VAT for October was N213.283 billion.

Federal government got N31.992 billion, states received N106.642 billion, and local government councils got N74.649 billion.

However, the gross statutory revenue of N417.724 billion distributed was lower than the amount received in the previous month, from which the federal government was allocated N206.576 billion, states got N104.778 billion.

Local government councils got N80.779 billion, and N25.591 billion was for 13 per cent oil derivation.

The communique stated that N70 billion ‘Augmentation’ was distributed to the three tiers of government, with the federal government receiving N36.876 billion; states, N18.704 billion, and local government councils got N14.420 billion.

N30 billion non-oil Augmentation was distributed, with the federal government, states and local governments receiving N15.804 billion, N8.016 billion, and N6.180 billion respectively.

N5.775 billion was also derived as Exchange Gain, and was shared among the three tiers of government.

Oil and Gas Royalties, Petroleum Profit Tax (PPT) and Import Duty recorded considerable decreases, while Value Added Tax (VAT), and Companies Income Tax (CIT) increased significantly, while Excise Duty increased marginally, the communique said.

 

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