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Oluwasina Phillip
The Federation Accounts Allocation Committee, has shared a total of N671.91bn October 2021 federation account revenue to the federal, states and local governments councils.
This was contained in a communiqué issued at the end of the FAAC meeting for November, held in Lagos.
The communique indicated that the N671.91bn total distributable revenue comprised of distributable Statutory Revenue of N363.84bn, distributable Value Added Tax, VAT, revenue of N154.844bn, Exchange Gain of N3.217bn and N150bn augmentation from the Non-Mineral Revenue.
The statement read, “In October 2021, the sum of N24.591bn was the total deduction for cost of collection and N30.864bn was total deduction for statutory transfers, savings and refunds,” adding that the balance in the Excess Crude Account (ECA) was $60.86m.”
The communiqué confirmed that from the total Distributable Revenue of N671.91bn, the Federal Government received N284.292bn, the State Governments received N209.838bn, and the Local Government Councils received N156.282bn.
The sum of N21.498bn was shared to the relevant states as 13 per cent derivation revenue.
The distributable Statutory Revenue of N363.849bn was available for the month. From this amount, the Federal Government received N180.551bn, the State Governments received N91.578bn and the Local Government Councils received N70.603bn.
The sum of N21.118bn was shared to the relevant States as 13 per cent derivation revenue.
In October 2021, the gross revenue available from the Value Added Tax (VAT) was N166.284bn. This was lower than the N170.85bn available in the month of September 2021 by N4.566bn.
According to the communiqué, in the month of October 2021, Petroleum Profit Tax (PPT), Oil and Gas Royalties and Companies Income Tax (CIT) decreased considerably. There was a slight decline in Value Added Tax while Import Duty and Excise Duty increased marginally
