Daily Trust

FG, states, LGs share N639.91bn in Septem­ber

- By Chris Agabi Business · Finance · Taxes · U.S. government

The Fed­er­a­tion Ac­counts Al­lo­ca­tion Com­mit­tee has shared N639.901bn to the three tiers of gov­ern­ment as rev­enue for Septem­ber 2020.

This was an­nounced at the Oc­to­ber FAAC meeting in Abuja yes­ter­day.

The com­mu­niqué showed that the to­tal dis­tributable rev­enue of N639.901bn com­prised statu­tory rev­enue of N341.501bn; Value Added Tax rev­enue of N141.858bn; N39.542bn from Forex Equal­i­sa­tion; N45bn from Non-oil Ex­cess Rev­enue and N72bn Fed­eral Gov­ern­ment in­ter­ven­tion rev­enue.

It showed that the gross statu­tory rev­enue of N341.501bn avail­able for Septem­ber was lower than the N531.830bn re­ceived in the pre­vi­ous month by N190.329bn.

The gross rev­enue of N141.858bn avail­able from the VAT was also lower than the N150.230bn avail­able in the pre­vi­ous month by N8.372bn.

It in­di­cated

that from

the to­tal dis­tributable rev­enue of N639.901bn the Fed­eral Gov­ern­ment re­ceived N255.748bn; the state gov­ern­ments, N185.645bn and the lo­cal Gov­ern­ment Coun­cils,N138.444bn.

The rel­e­vant states re­ceived N36.188bn as 13% min­eral rev­enue; while cost of col­lec­tion and trans­fers had al­lo­ca­tion of N23.876bn.

The Fed­eral Gov­ern­ment re­ceived N161.131bn from the gross statu­tory rev­enue of N341.501bn; the state gov­ern­ments, N 81.728bn and the lo­cal gov­ern­ment coun­cils, N63.009bn. N21.688bn was given to the rel­e­vant states as 13% min­eral rev­enue and N13.964bn was the to­tal for cost of col­lec­tion, trans­fers and re­funds.

The Fed­eral Gov­ern­ment re­ceived N19.789bn from the Value Added Tax rev­enue of N141.858bn; the state gov­ern­ments, N65.964 bil­lion; the lo­cal gov­ern­ment coun­cils, N46.175bn; while cost of col­lec­tion, trans­fers and re­funds had al­lo­ca­tion of N9.930bn.

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