FG, States, LGCs Share ₦739.96 Billion For Sept

The Federation Accounts Allocation Committee (FAAC) has shared to the three tiers of government ₦739.965 billion as federation allocation for September.

The Deputy Director (Information), Ministry of Finance, Budget and National Planning Oshundun Olajide made this known in a statement issued on Thursday.

“From the N739.965 billion, inclusive of Value Added Tax (VAT), and Exchange Gain, the Federal Government received ₦301.311 billion, the states received ₦220.272 billion, the LGs got ₦164.176 billion,"

However, the oil-producing states received ₦54.206 billion as derivation (13 percent of Mineral Revenue).

The communique issued after the meeting indicated that the Gross Revenue available from VAT for September was ₦170.850 billion distributed in the preceding month, resulting in a decrease of ₦7.659 billion.

“The distribution is as follows; Federal Government got ₦23.864 billion, the States received ₦79.548 billion, Local Government Councils got ₦55.684 billion,"

“The distributed Statutory Revenue of ₦692.283 billion received for the month was higher than the ₦537.518 billion received in the previous month by ₦154.765 billion,"

“From this amount, the Federal Government received ₦276.008 billion, states got ₦139.995 billion, LGCs got ₦107.930 billion, and Derivation (13 percent Mineral Revenue) got ₦53.831 billion.”

The communique further revealed that Petroleum Profit Tax (PPT), Oil and Gas Royalties and Excise Duty increased significantly, while Import Duty and VAT and Companies Income Tax (CIT), decreased marginally.

It, however, disclosed that total revenue distributable for the current month was inclusive of Gross Statutory Revenue of ₦577.765 billion, VAT of ₦159.096 billion, and Exchange Gain of ₦3.104 billion.

These brought the total distributable revenue to ₦739.965 billion.

However, the balance of the Excess Crude Account as of today stands at $60.860 million.