FG, States, LGs Share N693.52bn in September

Accountant General of the Federation, Mr. Ahmed Idris
  •  ECA rises to $323.69m

James Emejo in Abuja

A total sum of N693.52 billion was yesterday shared among the three tiers of government for the month of September.

Speaking at the end of the monthly meeting of the Federation Account Allocation Committee (FAAC), the Accountant General of the Federation (AGF), Mr. Ahmed Idris, who chaired the proceedings, also said the balance in the Excess Crude Account (ECA) stood at $323.69 million as at October 17 from the previous value of $133 million.

However, he said the total revenue comprised revenue from Value Added Tax (VAT), exchange gain and gross statutory revenue.
According to him the federal government received N293.80 billion while the states got N186.81 billion as well as the local government councils, which received N140.86 billion in the month under review.

The oil-producing states received N51.53 billion as 13 per cent derivation revenue, while revenue generating agencies received N20.51 billion as cost of revenue collection.

Ahmed said gross statutory revenue for the month totaled N599.70 billion, less than the N631.79 billion recorded in the preceding month by N32.09 billion.

He said gross revenue of N92.87 billion was available from VAT compared to N88.08 billion distributed in August, resulting in an increase of N4.79 billion.

He said the period yielded an exchange gain totaling N0.954 billion.

A breakdown of the distribution showed that from the gross statutory revenue of N599.70 billion, the federal government received N279.98 billion; states received 142.01 billion, while the local governments got N109.48 billion as well as the oil-producing states, which received N51.41 billion as 13 per cent derivation revenue.

The revenue-collecting agencies received N16.80 billion as cost of collection.

Also, from the N92.87 billion raised from VAT, the federal government received N13.37 billion, states received N44.58 billion while LGs received N31.20 billion as well as the revenue generating agencies which received N3.71 billion.

A communique released after the meeting further noted that revenue from Petroleum Profit Tax (PPT) and Company Income Tax (CIT) decreased, while royalties, import and excise duties and VAT increased considerably.