FAAC: FG, states and local governments share N671.9 billion in September, Excess Crude Account at $60 million

The Federal Government, States and Local Government Councils (LGCs) shared the sum of N671.910 billion as Federation Accounts Allocation Committee (FAAC) for the month of October, as Excess Crude Account (ECA) stands at $60.860 million dollars.

This was disclosed in a statement by Mr Oshundun Olajide, the Acting Director, Information, Ministry of Finance, Budget and National Planning, on Wednesday.

He stated that the allocation was distributed at FAAC meeting in Lagos at the end of the National Council on Finance and Economic Development (NACOFED) conference. The amount was inclusive of Value Added Tax (VAT), augmentations, exchange gain and non-oil mineral revenue. The FG received N284.292 billion, states N209.838 billion and LGCs N156.282 billion.

What he said

He added that oil-producing states received N21.498 billion as 13 per cent derivation of mineral revenue as Gross Revenue available from the VAT for the month under review was N166.284 billion compared to N170.850 billion distributed in September.

“The distribution is as follows; Federal Government got N23.227 billion, states received N77.422 billion, LGCs got N54.195 billion, transfers and refunds received N4.789 billion and cost of collection got N6.651 billion.

“The distributed 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.

“Of this, the Federal Government received N180.551 billion, states got N91.578 billion, LGCs got N70.603 billion, derivation (13 per cent mineral revenue) got N21.118 billion, cost of collection received N17.940 billion while transfers and refunds got N26.075 billion,” it stated.

The Ministry revealed that Companies Income Tax (CIT), Petroleum Profit Tax (PPT), and Oil and Gas Royalties decreased also.

“The communique, however, disclosed that total revenue distributable for the current month inclusive of gross statutory revenue of N363.849 billion, VAT of N154.849 billion, and exchange gain of N3.217 billion.

“Augmentations of N100 billion and N50 billion from non-oil mineral revenue bringing the total distributable revenue to N671.910 billion,” it stated.

Nairametrics reported last month that the Federal, States and Local Governments shared the sum of N739.965 billion as Federation Accounts Allocation Committee (FAAC) for September.