The Federation Account Allocation Committee (FAAC) chaired by the Accountant General of the Federation (AGF) Ahmed Idris FCNA, has shared a total of #693.529billion to the three tiers of Government for the month of September 2019. The #693.529billion comprised revenue from Value Added Tax(VAT), Exchange Gain and Gross Statutory Revenue. The Committee announced that as at 17th October 2019, the balance in the Excess Crude Account was $323.692million.
A communique issued by the Federation Account Allocation Committee (FAAC) confirmed that from the total revenue of #693.529 billion, the Federal Government received #293.801 billion, the States received #186.816 billion, and the Local Government Council received #140.864 billion. The Oil Producing States received #51.532 billion as 13% derivation revenue and the Revenue Generating Agencies received #20.517 billion as cost of revenue collection.
The gross statutory revenue for the month of September 2019 was #599.701billion. It was less than the #631.796billion received in the previous month by #32.095 billion. For the month of September, gross revenue of #92.874 billion was available from the Value Added Tax as against #88.082 billion distributed in the preceding month, resulting in an increase of #4.792 billion. Exchange Gain yielded total revenue of #0.954 billion.
A break of the distribution showed that from the gross statutory revenue of #599.701 billion, the Federal Government received #279.985 billion, the States received #142.012 billion, the Local Government Councils received #109.485 billion, the Oil Producing States received #51.417 billion as 13% derivation revenue and the Revenue Collecting Agencies received #16..802 billion as cost of collection.
The #92.874 billion gotten from Value Added Tax (VAT) revenue was shared accordingly in which the Federal Government received #13.374billion, the States received #44.580 billion, and Local Government Councils received #31.206 billion and the Revenue Generating Agencies received #3.715 billion.
The communique also stated that in September 2019, revenue from Petroleum Profit Tax (PPT) and Company Income Tax (CIT) decreased while Royalties, Import and Excise Duties and Value Added Tax increased considerably.
Okoro Esther Anastasia
For :Deputy Director (Press)