FG, states, LGs share N639.901bn

Business a.m. - - FRONT PAGE - Charles Abuede

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

L-R: Gover­nor Hope Uzodimma of Imo State;Timipre Sylva, min­is­ter of state for petroleum re­sources; and Yusuf Us­man, chief op­er­at­ing of­fi­cer, gas & power, Nigerian Na­tional Petroleum Cor­po­ra­tion (NNPC), at the South East Gas Uti­liza­tion Forum 2020 held in Ow­erri, re­cently

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