AMINA HUSSAIN, Abuja.
The Federation Account Allocation Committee (FAAC) has injected a total N693.529 billion into the economy, sharing the amount among the three tiers of government being the allocation due to them for the month of September.
At the meeting chaired by the Accountant General of the Federation (AGF) Ahmed Idris the N693.529billion shared comprise revenue from Value Added Tax(VAT), Exchange Gain and Gross Statutory Revenue.
The Committee at the end of the meeting also announced that as at 17th October 2019, the balance in the Excess Crude Account was $323.692million.
FAAC in a communique noted that the federal government N293.801 billion got from the total N693.529 billion, leaving the States with N186.816 billion, while the 774 Local Government Councils got N140.864 billion.
The Oil Producing States received N51.532 billion as 13 percent 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 representing N32.095 billion short of the N631.796billion received in the previous month.
For the month of September, gross revenue of N92.874 billion was available from the Value Added Tax (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.
A break of the distribution showed 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, the Oil Producing States received N51.417 billion as 13 percent derivation revenue and the Revenue Collecting Agencies received N16.802 billion as cost of collection.
The N92.874 billion 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 and the Revenue Generating Agencies received N3.715 billion.
Also in September, revenue from Petroleum Profit Tax (PPT) and Company Income Tax (CIT) dropped while Royalties, Import and Excise Duties and Value Added Tax increased considerably.
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