FG, states, councils share N760 billion for September

Excess Crude Account dips to $472,513
The Federation Account Allocation Committee (FAAC) has distributed N760.235 billion to the three tiers of government for September.

Of the total revenue, which included gross statutory revenue, Value Added Tax (VAT), savings from non-oil revenue and Electronic Money Transfer Levy (EMTL), the Federal Government received N294.244 billion, states got N233.223 billion, councils welcomed N172.776 billion, while N59.992 billion went to the oil producing states as derivation (13 per cent of mineral revenue).

A statement by Director, Information and Press in the Ministry of Finance, Budget and National Planning, Phil Abiamuwe-Mowete, quoted the communiqué issued by FAAC at the end of its meeting as saying that the gross revenue available from VAT for September was N189.928 billion – a decrease to preceding month’s figure. The distribution is as follows: Federal Government got N28.489 billion, states received N94.964 billion and councils went home with N66.475 billion.

Accordingly, the gross statutory revenue of N502.135 billion distributed was higher than the sum received the previous month, from which the Federal Government was allocated N232.921 billion, states, N118.141 billion, N91.081billion for councils and oil derivation (13 per cent mineral revenue) got N59.992 billion.

Also, N8.172 billion of EMTL distributable revenue was shared to the three (tiers of government as follows: Federal Government garnered N1.226 billion, states got N4.086 billion and councils received N2.860 billion. 

FAAC further said N60 billion savings from non-oil revenue, which was converted to distributable revenue, was also shared, with the Federal Government amassing N31.608 billion, states collecting N16.032 billion and councils getting N12.360 billion.

The communiqué equally revealed that oil and gas royalties increased tremendously, while Petroleum Profit Tax (PPT) and excise duty recorded marginal increases. Conversely, VAT, import duty and Companies Income Tax (CIT) decreased considerably.

Total revenue distributable for the month under review, according to the document, was drawn from statutory revenue of N502.135 billion, VAT of N189.928 billion, N8.172 billion of EMTL and N60 billion savings from non-oil excess revenue, bringing the total distributable for the month to N760.235 billion.

The balance in the Excess Crude Account (ECA) as at October 27 stood at $472,513.64.