FG, States, LGs share N639.901bn for September

16 Oct FG, States, LGs share N639.901bn for September

The Permanent Secretary, Federal Ministry of Finance, Aliyu Ahmed, said at the Federation Accounts Allocation Committee (FAAC) meeting yesterday that total distributable revenue to the Federal, State and Local Government was N639.9 billion.

The gross statutory revenue of N341.501 billion available for the month of September 2020 was lower than the N531.830 billion received in the previous month by N190.329 billion.
It comprised statutory revenue of N341.501 billion; Value Added Tax (VAT) revenue of N141.858 billion; N39.542 billion from Foreign exchange equalisation; N45 billion from non-oil excess revenue and N72 billion as the Federal Government Intervention Revenue.Value Added Tax (VAT) yielded N141.858 billion lower than the N150.230 billion available in the previous month by N8.372 billion.

Ahmed who read from a communiqué issued FAAC Secretariat, said that from the total distributable revenue of N639.901 billion, the Federal Government received N255.748 billion, the State Governments received N185.645 billion and the Local Government Councils received N138.444 billion.
The relevant states received N36.188 billion as 13 per cent derivation revenue, while the cost of collection and transfers had an allocation of N23.876 billion.

The Federal Government received N19.789 billion from the Value Added Tax (VAT) revenue of N141.858 billion. The State Governments received N65.964 billion; the Local Government Councils received N46.175 billion, while the cost of collection, transfers, and refunds had an allocation of N9.930 billion.
From the N39.542 billion Forex Equalisation revenue, the Federal Government received N18.123 billion, the State Governments received N9.192 billion, the Local Government Councils received N7.087 billion and the relevant States received N5.140 billion as 13per cent mineral revenue.