By:ONYEKA AJUMOBI ONOCHIE
The Federation Account Allocation Committee (FAAC), has shared a total sum of N702.058 billion as federal allocation for the month of October 2019 among the federal, state and local governments. It was shared at the committee’s monthly meeting on Wednesday, November 20.
From this amount, inclusive of VAT, Exchange Gain and Solid Minerals Revenue, the Federal Government received N295.737billon, representing 52.68%, while the states received N192.697 billion representing 26.72%, just as Local Government Councils got N144.987 billion, representing 20.60%. The oil producing states, in addition, received N49.164 billion as 13 per cent derivation revenue. Cost of collection, transfers and refund to the Federal Inland Revenue Service (FIRS) was, however, put at N19.472 billion.
A communiqué 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 2019 was N104.910 billion as against the N92.874 billion distributed in the previous month of September 2019, resulting in an increase of N12.036 billion.
The distributed Statutory Revenue of N596.041 billion, received for the month of October, according to the communiqué, was lower than the N599.701billion received in the previous month by N3.660 billion.
The communiqué further disclosed that, revenues from Value Added Tax (VAT), Companies Income Tax ( CIT) and Import Duty increased remarkably, while Royalties, Petroleum Profit Tax (PPT) and Excise Duty decreased significantly.
However, the total revenue distributable for the current month, (including VAT and Exchange Gain, according to the committee, stands at N702,058 billion, adding that as at November 19th, 2019, the Excess Crude Account (ECA) was $324.036 million.
