FG, States, LGs shares ₦639.901bn for September 2020

The Federation Accounts Allocation Committee (FAAC) has shared ₦639.901 billion for September 2020 from the Federation Account revenue to the Federal, States and Local Government Councils and agencies.

This was announced in a communique after the meeting of the FAAC meeting in Abuja, yesterday.

The meeting was chaired by Permanent Secretary, Federal Ministry of Finance, Alhaji Aliyu Ahmed.

The total distributable revenue of ₦639.901billion comprised statutory revenue of ₦341.501 billion; Value Added Tax (VAT) revenue of ₦141.858 billion; ₦39.542 billion from Forex Equalisation; ₦45 billion from Non-oil Excess Revenue and ₦72 billion Federal Government Intervention Revenue.

The gross statutory revenue of ₦341.501 billion available for the month of September 2020 was lower than the ₦531.830 billion received in the previous month by ₦190.329 billion.

The gross revenue of ₦141.858 billion available from the Value Added Tax (VAT) was also lower than the ₦150.230 billion available in the previous month by ₦8.372 billion.

The communique indicated that from the total distributable revenue of N639.901 billion; the Federal Government received N255.748 billion, the State Governments received N185.645 billion and the Local Government Councils received N138.444 billion.

The relevant States received N36.188 billion as 13% mineral revenue, while the cost of collection and transfers had an allocation of N23.876 billion.
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. N21.688 billion was given to the relevant States as 13% mineral revenue and N13.964 billion was the total for the cost of collection, transfers, and refunds.

The Federal Government received N19.789 billion from the 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.

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% mineral revenue.

The communique confirmed that 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.

From the ₦72 billion Federal Government Intervention Revenue the Federal Government received ₦32.999 billion, the State Governments, ₦16.737 billion, Local Government Councils received ₦12.904 billion and oil mineral producing states got ₦9.360 billion as 13% mineral revenue.

In the month of September 2020, Companies Income Tax (CIT) and Oil and Gas Royalty 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 at 15th October, 2020 was $72.409 million