The Federation Accounts Allocation Committee (FAAC) Thursday reflated the economy with the disbursement of N639.901 billion to the Federal, States and Local Government Councils and agencies.
The disbursement will allow all the federating units to perform their obligations including payment of salaries and others which will, in turn, improve the liquidity in the economy
The Federation account has for September, total distributable revenue of N639.901billion comprising statutory revenue of N341.501 billion and Value Added Tax (VAT) revenue of N141.858 billion, Forex Equalization revenue of N39.542 billion, N45 billion from Non-oil Excess Revenue and N72 billion Federal Government Intervention Revenue respectively.
The September revenue that was distributed was lower N190.329 billion than the August revenue when N531.830 billion was for gross statutory revenue. Similarly, the VAT revenue for September was also lower by N8.372 billion to the August revenue of N150.230 billion..
Of the total amount, the Federal Government got N255.748 billion, the State Governments received N185.645 billion and the Local Government Councils received N138.444 billion from the total distributable revenue of N639.901 billion.
The FAAC also allocated N36.188 billion as 13 percent mineral revenue to relevant littoral states while N23.876 billion was the cost of collection by the revenue agencies
Breakdown of the allocation shows that the Federal Government received N161.131 billion from the gross statutory revenue of N341.501 billion; the State Governments received N 81.728 billion and the Local Government Councils received N63.009 billion. Also, N21.688 billion was given to the relevant States as 13 percent mineral revenue and N13.964 billion was the total for the cost of collection, transfers, and refunds.
From the VAT revenue, the Federal Government received N19.789 billion from the total Value Added Tax (VAT) revenue of N141.858 billion. The State Governments received N65.964 billion; the Local Government Councils received N46.175 billion, while the cost of collection, transfers, and refunds had an allocation of N9.930 billion respectively.
From the N39.542 billion Forex Equalisation revenue, the Federal Government received N18.123 billion, the State Governments received N9.192 billion, the Local Government Councils received N7.087 billion and the relevant States received N5.140 billion as 13 percent mineral revenue.
Out of the N45 billion Non-oil Excess Revenue, the Federal Government received N23.706 billion, the State Governments received N12.024 billion and the Local Government Councils received N9.270 billion.
The Federal Government received N32.999 billion, the State Governments received N16.737 billion, the Local Government Councils received N12.904 billion and the relevant States received N9.360 billion as 13 percent mineral revenue from the N72 billion Federal Government Intervention Revenue.
FAAC records for September 2020 show declines across all revenue categories including Companies Income Tax (CIT) and Oil and Gas Royalty that decreased significantly; Import Duty and Value Added Tax (VAT) decreased marginally, while Petroleum Profit Tax (PPT) and Excise Duty recorded increases.
The balance in the Excess Crude Account (ECA) as of 15th October 2020 was $72.409 million.
Comments are closed.