FAAC shares N739.9bn to Federal, State, Local Governments (September)

The Federation Accounts Allocation Committee (FAAC) released the sum of N739.965 billion to Federal, States and Local Governments in September.

According to source, this was disclosed in a statement by Mr Oshundun Olajide, Deputy Director (Information), Ministry of Finance, Budget and National Planning, on Thursday.

The Ministry also revealed that the Gross Revenue available from VAT for September was N170.850 billion distributed in the preceding month, resulting in a decrease of N7.659 billion.

According to the statement, “From the N739.965 billion, inclusive of Value Added Tax (VAT), and Exchange Gain, the Federal Government received N301.311 billion, the States received N220.272 billion, the Local Governments got N164.176 billion.”

It added that oil-producing States received N54.206 billion as derivation and also revealed that the Gross Revenue available from VAT for September was N170.850 billion distributed in the preceding month, resulting in a decrease of N7.659 billion.

“The distribution is as follows; Federal Government got N23.864 billion, the States received N79.548 billion, Local Government Councils got N55.684 billion.

“The distributed Statutory Revenue of N692.283 billion received for the month was higher than the N537.518 billion received in the previous month by N154.765 billion.

“From this amount, the Federal Government received N276.008 billon, states got N139.995 billion, LGCs got N107.930 billion, and Derivation (13 Mineral Revenue) got N53.831 billion,” it further stated.

The statement further revealed that total revenue distributable for the current month was inclusive of Gross Statutory Revenue of N577.765 billion, VAT of N159.096 billion, and Exchange Gain of N3.104 billion and total distributable revenue to N739.965 billion.

“The balance of Excess Crude Account as at today stands at $60.860 million,” it added.

Meanwhile, the Federation Accounts Allocation Committee (FAAC) shared the sum of N696.965 billion as federal allocation for the month of August, with Gross Revenue available from VAT at N166.228 billion.

Source: Nairametrics