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

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.