The Federation Account Allocation Committee (FAAC), on Wednesday confirmed at the end of its meeting held in Abuja that the three tiers of government shared N702.058 billion as allocations from the Federation Account for the month of October 2019.
The distributions were from Statutory Revenue, Value Added Tax (VAT), Exchange Gain and Solid Minerals Revenue, Oil and Non-Oil Sector sources.
The Director (Information), Federal Ministry of Finance, Hassan Dodo, in a statement issued on the distributions to the three arms of government during the month in review, indicated that the Federal Government received N295.737 billon, representing 52.68%, the states got N192.697 billion representing 26.72%, and local governments got N144.987 billion, representing 20.60%.
Similarly, he stated further that while the oil producing states received N49.164 billion as 13 percent derivation revenue, the cost of collection/Transfers/ FIRS refund was N19.472 billion.
A communiqué issued by the Committee on the distributions showed that the Gross Revenue available from the Value Added Tax (VAT) for October 2019 was N104.910 billion as against the N92.874 billion distributed in the previous month of September 2019, resulting in an increase of N12.036 billion.
The distributed Statutory Revenue of N596.041 billion for the month was lower than the N599.701billion received in the previous month by N3.660 billion.
The communiqué reflected further that revenues from Value Added Tax (VAT), Companies Income Tax (CIT) and Import Duty sources increased significantly compared to the huge dips recorded in Royalties, Petroleum Profit Tax (PPT) and Excise Duty collections.
The FAAC indicated that the Excess Crude Account (ECA) savings stood at $324.036 million as at Tuesday, November 19th, 2019.