FAAC disburses N693.52bn for Sept as revenue dips by N27.3bn

The Federation Account Allocation Committee (FAAC) has disbursed 693.529billion to the three tiers of government for the month of September 2019, Accountant General of the Federation Ahmed Idris disclosed on Thursday.

This is just as revenue disbursement for federal, states and local governments has declined by N27.38 billion for the month under review against N720.88 billion disbursed in the month of August.

The AGF made this disclosure at the end of monthly FAAC meetings, explaining that the N693.529 billion comprised revenue from Value Added Tax (VAT), Exchange Gain and Gross Statutory Revenue.

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He said the Committee announced that as at 17th October 2019, the balance in the Excess Crude Account was $323.692 million.

“The Federal Government received N293.801 billion, the States received N186.816 billion, and the Local Government Council received N140.864 billion.

“The Oil Producing States received N51.532 billion as 13 per cent 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.

“This 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 VAT 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”, he said.

A breakdown of the distribution also shows that from the gross statutory revenue of N599.701 billion, the Federal Government received N279.985 billion, the States received N142.012 billion, the Local Government Councils received N109.485 billion, while the Oil Producing States received N51.417 billion as 13 per cent derivation revenue just as Revenue Collecting Agencies received N16.802 billion as the cost of collection.

Also N92.874 billion gotten from VAT revenue was shared accordingly in which the federal government received N13.374billion, the States received N44.580 billion, and Local Government Councils received N31.206 billion while the Revenue Generating Agencies received N3.715 billion.

Also, as at September 2019, revenue from Petroleum Profit Tax (PPT) and Company Income Tax (CIT) decreased while Royalties, Import and Excise Duties and VAT increased considerably.