FG, states, LGs share N639.901bn
THE FEDERATION ACCOUNTS ALLO CATION COMMITTEE (FAAC) has shared the sum of N639.90 billion in September 2020 from the federation account income to the Federal, States and Local Government Councils and offices. This figure is N36.51....
THE FEDERA TION ACCOUNTS ALLOCATION COM MITTEE (FAAC) has shared the sum of N639.90 billion in September 2020 from the federation account income to the Federal, States and Local Government Councils and offices. This figure is N36.51 billion lower than the N676.4 billion shared by the three tiers of government in August 2020.
This was reported after the physical gathering of the Federation Account Allocation Committee (FAAC) for the period of October held at the Federal Ministry of Finance base camp, Abuja. The gathering was led by Aliyu Ahmed, the Permanent Secretary, Federal Ministry of Finance.
The total distributable income of N639.901billion contained the statutory income of N341.501 billion (figure lower than the August 2020 figure by N190.33 billion); also, the Value Added Tax (VAT) revenue of N141.858 billion was lower than the N150.23 billion of the previous month by N8.37 billion. There was another N39.542 billion from Forex Equalization; N45 billion from Non-oil Excess Revenue and N72 billion from the Federal Government Intervention Revenue.
According to a report issued by the Federation Account Allocation Committee (FAAC), it showed that from the total distributable income of N639.901 billion; the Federal Government got N255.748 billion, the State Governments got N185.645 billion and the Local Government Councils got N138.444 billion. Meanwhile, the significant States got N36.188 billion as 13 per cent mineral revenue, while the cost of collection and transfers had an allocation of N23.876 billion.
Shares from the Statutory Revenue
Furthermore, the Federal Government got N161.131 billion from the total statutory income of N341.501 billion; the State Governments got N 81.728 billion and the Local Government Councils got N63.009 billion. N21.688 billion was given to the significant States as 13 per cent mineral revenue and N13.964 billion was the total for the cost of collection, transfers and refunds.
Shares from the VAT and FX Equalization
The Federal Government got N19.789 billion from the Value Added Tax (VAT) income of N141.858 billion. The State Governments got N65.964 billion; the Local Government Councils got N46.175 billion, while the portion allocated to collection and transfers were N9.930 billion. Also, from the N39.542 billion Forex Equalization income, the Federal Government got N18.123 billion, the State Governments got N9.192 billion, the Local Government Councils got N7.087 billion and the significant states got N5.140 billion as 13 per cent mineral income.
The issued communiqué affirmed that out of the N45 billion Non-oil Excess Revenue allocated, the Federal Government got N23.706 billion, the State Governments got N12.024 billion and the Local Government Councils got N9.270 billion.
The Federal Government got N32.999 billion, the State Governments got N16.737 billion, the Local Government Councils got N12.904 billion and the applicable States got N9.360 billion as 13 per cent mineral revenue from the N72 billion Federal Government Intervention Revenue.
From the Communiqué issued by ministry permanent Secretary, Companies Income Tax (CIT) and Oil and Gas Royalty diminished essentially; Import Duty and Value Added Tax (VAT) diminished marginally, the Petroleum Profit Tax (PPT), and Excise Duty recorded increments respectively. Meanwhile the parity in the Excess Crude Account (ECA) as at mid of October 2020 was $72.409