The Federation Accounts Allocation Committee (FAAC), on Wednesday at its meeting shared to the three tiers of government a total sum of N604.004 billion as federation allocation for the month of October 2020.
From this amount, inclusive cost of collection to NCS, DPR and FIRS, the Federal Government received N220.751 billion, the States got N161.825 billion while the local governments got N120.588 billion.
In addition, the oil producing states received N31.902 billion as derivation (13% of Mineral Revenue) and Cost of Collection/Transfer and Refunds got N48.939 billion.
The communique issued by the Committee at the end of its meeting, presided over by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Alhaji Aliyu Ahmed, indicated that the Gross Revenue available from the Value Added Tax (VAT) for October, 2020 dropped to N126.463 billion as against the N141.858 billion distributed in the preceding month, resulting in a decrease of N15.395 billion.
From the VAT accruals, the Federal Government got N17.642 billion, the States received N58.805 billion, Local Government Councils got N41.167 billion, while Cost of Collection/Transfer and Refund got N5.059 billion and Allocation to NEDC project totalled N3.794 billion.
The communiqué further showed that distributed statutory revenue of N378.148 billion collected during the month in review was higher than the N341.501 billion generated for the previous month by N36.647 billion.
From the statutory revenue generated, the Federal Government got N166.195 billon, States and local governments received N84.296 billion and N64.989 billion respectively while oil producing stated collected 13% Derivation Mineral Revenue totaling N21.581 billion and Cost of Collection/ Transfer and Refund to revenue agencies stood at N40.086 billion.
The FAAC stated that Oil and Gas Royalty, Companies Income Tax (CIT) increased substantially. Import Duty, Excise Duty, Value Added Tax (VAT), and Petroleum Profit Tax (PPT) according to the communiqué recorded decreases.
This is even as the committee also disclosed that the total revenue distributable for October was augmented with the sums of N72.000 billion, and N7.392 billion from Forex Equalization and FGN Intervention Funds respectively. The distributions include an augmentation of N20 billion from the Stabilization Account due low revenue collections in the month under review. These raised the total distributable revenue to N604.004 billion.
The FAAC stated that as at the date of the meeting, the balance in the Excess Crude Account (ECA) stood at $72.409 million.
