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FAAC Allocates N739.9bn To Three Tiers Of Govt

Ebuka Daniel

The Federation Accounts Allocation Committee (FAAC) has shared a total of N739.965bn September 2021 federation account revenue to the Federal, States and Local Governments Councils.  

This was contained in a communiqué issued at the end of the virtual meeting of FAAC held on Thursday.

The N739.96bn September revenue represents an increase of N97bn when compared to the N696.965bn shared in the month of August.

The N739.965bn comprised distributable Statutory Revenue of N577.765bn, distributable Value Added Tax (VAT) revenue of N159.096bn and Exchange Gain of N3.104bn.

The communique said the sum of N126.272bn was the total deductions for cost of collection, statutory transfers, savings and refunds, while the balance in the Excess Crude Account (ECA) was out at $60.86m.   

The communiqué confirmed that from the total Distributable Revenue of N739.96bn, the Federal Government received N301.31bn, the State Governments received N220.272bn, and the Local Government Councils received N164.176bn. The sum of N54.206bn was shared to the relevant States as 13 per cent derivation revenue.

The communique stated that the distributable Statutory Revenue of N577.765bn was available for the month.

From this amount, the Federal Government received N276bn, the State Governments received N139.995bn and the Local Government Councils received N107.93bn. The sum of N53.831bn was given to the relevant States as 13 per cent derivation revenue.

For VAT, the communique put the gross revenue available from the at N170.85bn, which was lower than the N178.509bn available in the month of August by N7.659bn.

According to the communiqué, the Petroleum Profit Tax (PPT), Oil and Gas Royalties and Excise Duty increased significantly while Companies Income Tax (CIT), Value Added Tax (VAT) and Import Duty decreased marginally.

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