The Federation Accounts Allocation Committee on Thursday, said it shared a total sum of N639.901 billion Naira among the three tiers of government as federation allocation for the month of September 2020. The FAAC meeting was chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Alh. Aliyu Ahmed.
From the amount, inclusive cost of collection to NCS, DPR and FIRS, the Federal Government received N255.748 billion, States received N185.645 billion, Local Government councils got N138.444 billion while the oil producing states received N36.188 billion as derivation (13% of Mineral Revenue) and Cost of Collection and Transfer and Refunds got N23.876 billion.
A communique issued by the Federation Account Allocation Committee at the end of the meeting, which was signed by the Director of Information, Federal Ministry of Finance, Hassan Dodo indicated that the Gross Revenue available from the Value Added Tax (VAT) for September, 2020 was N141.858 billion as against N150.230 billion distributed in the preceding month of August, 2020, resulting in a decrease of N8.372 billion.
The distribution is as follows; Federal Government got N19.789 billion, the States received N65.964 billion, Local Government Councils got N46.175 billion, while Cost of Collection/Transfer and Refund is N9.930 billion.
The distributed Statutory Revenue of N341.501 billion received for the month was lower than the N531.830 billion received for the previous month by N190.329 billion, from which the Federal government received N161.131 billon, States got N81.728 billion, LGCs got N63.009 billion, Derivation (13% Mineral Revenue) was N21.688 billion while Cost of Collection/Transfer and Refund was N13.946 billion.
The communique also revealed that Oil and Gas Royalty, Companies Income Tax decreased significantly. Import Duty and Value Added Tax according to the communique also decreased marginally, while Petroleum Profit Tax and Excise Duty recorded increases.
The communique however disclosed that total revenue distributable for the current month was augmented with the sums of N39.542 billion, N45.000 billion and N72.000 billion from Forex Equalization, Non-Oil Excess Revenue and FGN Intervention respectively, bringing the total Distributable Revenue to N639.901 billion.
The balance in the Excess Crude Account as at 15th October 2020 stands at $72.409 million.