Tuesday, November 30, 2021

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FG, States, LGs share N671.9bn for October

The Federation Accounts Allocation Committee (FAAC), on Wednesday shared a total sum of N671.910 billion as federation allocation for the month of October, 2021 to the three tiers of government.

This was announced at its meeting held at the end of National Council on Finance and Economic Development conference Lagos.

From this amount, inclusive of Value Added Tax (VAT), Augmentations, Exchange Gain and Non-Oil Mineral Revenue, the Federal Government received N284.292 billion, the States received N209.838 billion, the Local Government Councils got N156.282 billion while the oil producing states received N21.498 billion as derivation (13% of Mineral Revenue).

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, 2021 was N166.284 billion as against N170.850 billion distributed in the preceding month of September, 2021, resulting in a decrease of N4.566 billion.

According to a statement by the Acting Director of Information, Oshundun Olajide the distribution is as follows: Federal Government got N23.227 billion, the States received N77.422 billion, Local Government Councils got N54.195 billion, Transfers and Refunds received N4.789 and Cost of Collection got N6.651 billion.

The distributed Statutory Revenue of N407.864 billion received for the month was lower than the N692.283 billion received for the previous month by N284.419 billion, from which the Federal government received N180.551 billion, States got N91.578 billion, LGCs got N70.603 billion, Derivation (13% Mineral Revenue) got N21.118 billion, Cost of Collection received N17.940 billion and Transfers and Refunds got N26.075 billion.

The Communiqué also disclosed the Augmentations of N100 billion as the Federal Government received N52.680 billion, State Governments got N26.720 billion, LGCs received N20.600 billion, derivation (13% of Mineral Revenue) got N0.000, Costs of Collection, Transfers and Refunds got N0.000 accordingly. Also the N50 billion from Non-Oil Revenue was shared as follows: Federal Government received N26.340 billion, State Governments got N13.360 billion, LGCs got N10.300 billion, Derivation (13 % of Mineral Revenue) received N0.000 billion, while Costs of Collection, Transfers and Refunds got N0.000 accordingly.

The communique also revealed that Companies Income Tax (CIT), Petroleum Profit Tax (PPT), and Oil and Gas Royalties decreased considerably. There was a slight decline in Value Added Tax (VAT), while Import and Excise Duty, increased marginally.

The communique however disclosed that total revenue distributable for the current month inclusive of Gross Statutory Revenue of N363.849 billion, Value Added Tax (VAT) of N154.849 billion, and Exchange Gain of N3.217 billion, Augmentations of N100 billion and N50 billion from Non-Oil Mineral Revenue bringing the total distributable revenue to N671.910 billion.

The balance of Excess Crude Account (ECA) as at today stands at $60.860 million.

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