Ndubuisi Francis in Abuja
The Federation Accounts Allocation Committee (FAAC) has distributed a total of N639.901 billion as September 2020 federation account revenue to the federal, states and local government councils as well as relevant agencies.
The amount is however N36.499 billion lower than the N676.400 billion shared in the preceding month of August.
This September figures were announced after a FAAC meeting in Abuja, which was chaired by the Permanent Secretary, Federal Ministry of Finance, Mr. Aliyu Ahmed.
The total distributable revenue of N639.901billion comprised statutory revenue of N341.501 billion; Value Added Tax (VAT) revenue of N141.858 billion; N39.542 billion from Forex Equalisation; N45 billion from Non-oil Excess Revenue and N72 billion Federal Government Intervention Revenue.
The gross statutory revenue of N341.501 billion available for the month of September 2020 was lower than the N531.830 billion received in the previous month by N190.329 billion.
The gross revenue of N141.858 billion available from the VAT was also lower than the N150.230 billion available in the previous month by N8.372 billion.
A communiqué issued after the meeting indicated that from the total distributable revenue of N639.901 billion, the federal government received N255.748 billion, state governments received N185.645 billion while the local government councils got N138.444 billion.
The relevant states also received N36.188 billion as 13 per cent mineral revenue under the derivation principle cost of collection and transfers accounted for N23.876 billion.
Similarly, the federal government received N161.131 billion from the gross statutory revenue of N341.501 billion; the state governments received N 81.728 billion and the local government councils received N63.009 billion.
The sum of N21.688 billion was given to the relevant states as 13 per cent mineral revenue and N13.964 billion was the total for cost of collection, transfers and refunds.
From VAT revenue, the federal government received N19.789 billion from a total of N141.858 billion generated, the various states received N65.964 billion; local government councils received N46.175 billion, while cost of collection, transfers and refunds had allocation of N9.930 billion.
Also, from the N39.542 billion Forex Equalisation revenue, the federal government received N18.123 billion; states, N9.192 billion; local governments, N7.087 billion and the relevant states received N5.140 billion as 13 per cent mineral revenue.
The communique confirmed that out of the N45 billion Non-oil excess revenue, the federal government received N23.706 billion, the state governments received N12.024 billion and the local government councils received N9.270 billion.
The federal government received N32.999 billion, the state governments received N16.737 billion, the Local government councils received N12.904 billion and the relevant states received N9.360 billion as 13 per cent mineral revenue from the N72 billion federal government Intervention Revenue.
According to the communiqué, in the month of September 2020, Companies Income Tax (CIT) and Oil and Gas Royalty decreased significantly; Import Duty and Value Added Tax (VAT) decreased marginally, while Petroleum Profit Tax (PPT) and Excise Duty recorded increases.
The balance in the Excess Crude Account (ECA) as at October 15, 2020 was $72.409 million.