October 29, (THEWILL) – The Federation Accounts Allocation Committee (FAAC) has shared a total of N739.965 billion September 2021 federation account revenue to the federal, states and local governments areas.
This was contained in a statement issued by the Office of the Accountant-General of the Federation at the end of the virtual meeting of the FAAC for October 2021.
THEWILL had reported that a FAAC meeting that held last week ended in a stalemate following opposition from the state governments to the federal government’s plan to make a $418 million Paris refund deduction.
According to the statement, the N739.965 billion total distributable revenue comprised distributable statutory revenue of N577.765 billion, distributable value added tax (VAT) revenue of N159.096 billion and Exchange Gain of N3.104 billion.
In September 2021, the sum of N126.272 billion was the total deductions for cost of collection, statutory transfers, savings and refunds. The balance in the Excess Crude Account (ECA) was $60.860 million.
The communiqué confirmed that from the total Distributable Revenue of N739.965 billion, the Federal Government received N301.311 billion, the State Governments received N220.272 billion, and the local government councils received N164.176 billion. The sum of N54.206 billion was shared to the relevant states as 13% derivation revenue.
The distributable statutory revenue of N577.765 billion was available for the month. From this amount, the federal government received N276.008 billion, the state governments received N139.995 billion and the local government councils received N107.930 billion. The sum of N53.831 billion was given to the relevant states as 13% derivation revenue.
In September 2021, the gross revenue available from the value added tax (VAT) was N170.850 billion. This was lower than the N178.509 billion available in the month of August by N7.659 billion.
The sum of N4.920 billion allocation to NEDC and N6.834 billion cost of revenue collection were deducted from the N170.850 billion gross VAT revenue, resulting in the distributable value added tax (VAT) revenue of N159.096 billion.
From the N159.096 billion distributable value added tax (VAT) revenue, the federal government received N23.864 billion, the state governments received N79.548 billion and the local government councils received N55.684 billion.
The federal government received N1.438 billion from the exchange gain revenue of N3.104 billion. The state governments received N0.729 billion, the local government councils received N0.562 billion and N0.375 billion was shared to the relevant states as 13% derivation revenue.
According to the communiqué, in the month of September 2021, 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.
