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FAAC shares N604.004 to federal, states, councils

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faac-shares-n604.004-to-federal,-states,-councils

By Nduka Chiejina, Assistant Editor

The Federation Accounts Allocation Committee (FAAC), on Wednesday shared N604.004 billion as federation allocation to the three tiers of government for the month of October 2020.

Permanent Secretary in the Federal Ministry of Finance, Budget and National Planning, Alhaji Aliyu Ahmed, chaired the meeting.

The Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and the Federal Inland Revenue Service (FIRS) and the Federal Government got N220.751 billion.

States received N161.825 billion, 774 local government areas (N120.588 billion) and the oil producing states received N31.902 billion as 13 per cent derivation.

Revenue agencies benefiting from Cost of Collection/Transfer and Refunds got N48.939 billion.

A communique issued by the FAAC at the end of the meeting, showed that the Gross Revenue available from the Value Added Tax (VAT) for October, 2020 as N126.463 billion as against the N141.858 billion distributed in the preceding month. The amount represented a shortfall of N15.395 billion.

The distribution is as follows: Federal Government (17.642 billion), 36 states (N58.805 billion), 774 councils (N41.167 billion), agencies for Cost of Collection/Transfer and Refund (N5.059 billion) and Allocation to North-East Development Commission (NEDC) (N3.794 billion).

The distributed Statutory Revenue of N378.148 billion received for the month was higher than the N341.501 billion received for the previous month by N36.647 billion

From it the Federal government received N166.195 billon, states (N84.296 billion), councils (N64.989 billion) 13% derivation from mineral revenue (N21.581 billion) and Cost of Collection/ Transfer and Refund (N40.086 billion).

The communique also revealed that Oil and Gas Royalty, Companies Income Tax (CIT) increased substantially. Import Duty, Excise Duty, Value Added Tax (VAT), and Petroleum Profit Tax (PPT) according to the communiqué recorded decreases.

The communiqué further disclosed that the total revenue distributable for the current month was augmented with the sums of N72.000 billion, and N7.392 billion from Forex Equalization and Federal Government intervention respectively.

It said: “There was additional augmentation of N20 billion from the Stabilization Account because of low revenue which is to be shared accordingly to the three tiers of government, bringing the total distributable revenue to N604.004 billion.”

The balance in the Excess Crude Account as at yesterday stood at $72.409 million.

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