The Federation Accounts Allocation Committee (FAAC), Wednesday, November 18, at its meeting chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Alhaji Aliyu Ahmed, shared to the three tiers of government, a total sum of N604.004 billion as federation allocation for the month of October 2020.
From this amount, inclusive of cost of collection to Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and Federal Inland Revenue Service (FIRS), the Federal Government received N220.751 billion, the states – N161.825 billion, the Local Government Councils – N120.588 billion, while the oil producing states received N31.902 billion as 13% derivation revenue and cost of collection/transfer as well as refunds stood at N48.939 billion.
A communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting, indicated that the Gross Revenue available from the Value Added Tax (VAT) for October, 2020 was N126.463 billion as against N141.858 billion distributed in the preceding month of September, 2020, resulting in a decrease of N15.395 billion. The distribution is as follows: Federal Government – N17.642 billion, the states – N58.805 billion, Local Government Councils – N41.167 billion, while cost of collection/transfer and refund stood at N5.059 billion, even as allocation to NEDC project rounded up at N3.794 billion.
The distributable statutory revenue of N378.148 billion received for the month was higher than the N341.501 billion received for the previous month by N36.647 billion, from which the Federal Government received N166.195 billion, the states – N84.296 billion, LGCs – N64.989 billion, while 13% derivation revenue stood at N21.581 billion, just as cost of collection/ transfer and refund was N40.086 billion.
The communique also revealed that Oil and Gas Royalty, Companies Income Tax (CIT) increased substantially. Import Duty, Excise Duty, Value Added Tax (VAT), and Petroleum Profit Tax (PPT), according to the communiqué, recorded decreases.
The communiqué further disclosed that the total revenue distributable for the current month was augmented with the sums of N72.000 billion, and N7.392 billion from Forex Equalization Fund and FGN Intervention, respectively, including an augmentation of N20 billion from the Stabilization Account because of low revenue which is to be shared accordingly to the three tiers of government, bringing the total distributable revenue to N604.004 billion.
The balance in the Excess Crude Account as at 18th November, 2020 stands at $72.409 million.
- Tags: FAAC, Zainab Shamsuna Ahmed, Aliyu Ahmed