FAAC: FG, States, LGs share N693.529bn in September 2019

The  Federation  Account Allocation Committee (FAAC) shared a total of N693.529 billion to the three tiers of government for the month of September 2019.  

A breakdown showed that the federal government received N293.801 billion, the states  received N186.816 billion, and the local government councils received N140.864 billion.  

Oil producing states received N51.532 billion as 13 per cent derivation revenue while the Revenue Generating Agencies received N20.517 billion as cost of revenue collection.

The gross statutory revenue for the month of September 2019 was N599.701 billion less than the N631.796 billion received in the previous month by N32.095 billion. For the month of September, gross revenue of N92.874 billion was available from the Value Added Tax as against N88.082 billion distributed in the preceding month, resulting in an increase of N4.792 billion.  Exchange Gain yielded total revenue of N0.954 billion. 

A further breakdown showed that from the gross statutory revenue of N599.701 billion, the federal government received N279.985 billion, the States received N142.012 billion,  the Local Government Councils received N109.485 billion,  the Oil Producing States received #51.417 billion as 13 per cent derivation revenue and the Revenue Collecting Agencies received #16.802 billion as cost of collection. 

The N92.874 billion from Value Added Tax (VAT) was shared with federal government received N13.374billion, States received N44.580 billion, and Local Government Councils got N31.206 billion and the Revenue Generating Agencies received N3.715 billion. 

The Committee stated that the balance in the Excess Crude Account was $323.692 million. 

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