The Permanent Secretary, Ministry of Finance, Budget and National Planning, Mr. Aliyu Ahmed, on Wednesday disclosed N604.004 billion was shared among the three tiers of government as federation allocation for October.
According to a news report by NAN, this statement was issued by Mr. Hassan Dodo, the Director for Information at the end of the Federation Accounts Allocation Committee (FAAC) meeting in Abuja.
Highlights
- The N604.004 billion shared included the cost of collection to Nigeria Customs Service (NCS), Department for Petroleum Resources (DPR), and Federal Inland Revenue Service (FIRS).
- However, during the period under review, the Federal Government received N220.751 billion, the States received N161.825 billion, while the Local Government Councils (LGCs) got N120.588 billion.
- Oil-producing states received N31.902 billion as derivation (13% of mineral revenue) and the cost of collection/transfer and refunds got N48.939 billion.
The Federation Accounts Allocation Committee disclosed that gross revenue available from the Value Added Tax (VAT) for October was N126.463 billion. This was against N141.858 billion distributed in the preceding month of September, resulting in a decrease of N15.395 billion.
(READ MORE:FAAC disburses N606.2 billion in May, allocation drops by 22%)
The gross revenue available from the Value Added Tax (VAT) for October was distributed as follow:
- The Federal Government got N17.642 billion.
- States received N58.805 billion.
- Local Government Councils got N41.167 billion
- While Cost of Collection/Transfer and Refund got N5.059 billion
- Allocation to NEDC project received N3.794 billion.
In like manners, 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.
For the distributed Statutory Revenue of N378.148 billion:
- Federal Government received N166.195 billion
- States got N84.296 billion.
- LGCs got N64.989 billion
- Derivation (13% Mineral Revenue) got N21.581 billion
- Cost of Collection/ Transfer and Refund got N40.086 billion.
(READ MORE: FG records N1.14 trillion budget deficit in three months)
The communique also revealed that Oil and Gas Royalty, Companies Income Tax (CIT) increased substantially. However, Import Duty, Excise Duty, VAT, and Petroleum Profit Tax (PPT) recorded decreases.
The committee disclosed that the total revenue distributable for the current month was augmented with the sums of N72 billion and N7.392 billion from Forex Equalization and FGN Intervention respectively.
This included augmentation of N20 billion from the Stabilization Act, which is attributable to the low revenue to be shared to the three tiers of government. This takes the total Distributable Revenue to N604.004 billion.
However, the committee stated that the balance in the Excess Crude Account as of Nov. 18 stands at 72.409 million dollars.
Commendable to Federal government for prompt.