FAAC: FG, States, LGs Share N671.910 Billion In October

The Federation Account Allocation Committee (FAAC) has disclosed that federal, state and local governments shared a total of N671.910 billion to the month of October.

The amount is N68.055 billion less than the N739.965 billion distributed in the preceding month of September.

A communique issued by FAAC after its meeting in Lagos Wednesday indicated that Companies Income Tax (CIT), Petroleum Profit Tax (PPT), and Oil and Gas Royalties for the month in view decreased considerably, while Import and Excise Duty, increased marginally.

The FAAC meeting for October was held in Lagos at the end of the National Council on Finance and Economic Development (NACOFED).

A communique issued by the committee at the end of the meeting showed that the N671.910 billion as federation allocation for the month of October comprised Value Added Tax (VAT), Augmentations, Exchange Gain and Non-Oil Mineral Revenue.

From the amount, the federal government received N284.292 billion, the states (N209.838 billion), and local government councils (N156.282 billion) while the oil producing states received N21.498 billion as 13 per cent derivation revenue.

Further analysis of the VAT for October showed a decline of N4.566 billion from N170.850 billion distributed in September to N166.284 billion in October.

The VAT distribution saw the federal government taking N23.227 billion, the states received N77.422 billion, local governments got N54.195 billion.

Transfers and refunds posted N4.789 and cost of collection got N6.651 billion.

Also, the Distributable 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, from which the federal government received N180.551 billion, states got N91.578 billion, local governmentss got N70.603 billion,
N21.118 billion was allocated as 13 per cent mineral revenue).

Cost of collection accounted for N17.940 billion while Transfers and Refunds got N26.075 billion.
The communiqué also indicated that Augmentations of N100 billion saw the federal government receiving N52.680 billion, states (N26.720 billion), local received N20.600 billion.

The sum of N50 billion from non-oil revenue was also shared with the federal government receiving N26.340 billion, state governments (N13.360 billion), and local governments N10.300 billion.

Companies Income Tax (CIT), Petroleum Profit Tax (PPT), and Oil and Gas Royalties for the month in view decreased considerably, while Import and Excise Duty, increased marginally. The balance in Excess Crude Account (ECA) stands at $60.860 million.