The Federation Account Allocation Committee (FAAC) on Thursday disclosed that the three tiers of government shared a total of N693.529 billion for the month of September from the total revenue collections into the Federation Account in the month.
The N693.529 billion comprised revenues from Gross Statutory Revenue, Value Added Tax(VAT), and Exchange Gain.
This is even as the Committee announced that as at 17th October 2019, the balance in the Excess Crude Account (ECA) stood at $323.692 million.
A communique issued by the FAAC on the revenue distributions to the tiers of government indicated that out of the total revenue of N693.529 billion, the Federal Government received N293.801 billion, the states got N186.816 billion while the local governments shared N140.864 billion.
In addition, the oil producing states received N51.532 billion as 13% derivation revenue and the revenue generating agencies received N20.517 billion as cost of revenue collection.
The gross statutory revenue for the month of September 2019 was N599.701 billion. It was less than the N631.796 billion received in the previous month by N32.095 billion. For the month of September, gross revenue of N92.874 billion was available from the Value Added Tax as against N88.082 billion distributed in the preceding month, resulting in an increase of N4.792 billion. Exchange Gain yielded total revenue of N0.954 billion.
A breakdown of the distributions showed that from the gross statutory revenue of N599.701 billion, the Federal Government received N279.985 billion, states received N142.012 billion, the local governments got N109.485 billion, the oil producing states received N51.417 billion as 13% derivation revenue and the revenue collecting agencies shared N16.802 billion as cost of collection.
The N92.874 billion accruals from VAT was shared accordingly in which the Federal Government received N13.374 billion, states shared N44.580 billion, local governments got N31.206 billion and the revenue generating agencies received N3.715 billion.
The communique also stated that in the month under review, revenues from Petroleum Profit Tax (PPT) and Company Income Tax (CIT) decreased while royalties, import and excise duties and VAT increased..
