The Federation Accounts Allocation Committee (FAAC), Thursday at its meeting through Virtual Conference, shared to the three tiers of government, a total sum of N739.965 billion as federation allocation for the month of September, 2021.
From this amount, inclusive of Value Added Tax (VAT), and Exchange Gain, the Federal Government received N301.311 billion, the States received N220.272 billion, the Local Government councils got N164.176 billion while the oil producing states received N54.206 billion as derivation (13% of Mineral Revenue), a statement by Oshundun Olajide, Deputy Director (Information) disclosed.
The communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting, indicated that the Gross Revenue available from the Value Added Tax (VAT) for September, 2021 was N170.850 billion distributed in the preceding month, resulting in a decreased of N7.659 billion. The distribution is as follows; Federal Government got N23.864 billion, the States received N79.548 billion, Local Government Councils got N55.684 billion.
The distributed Statutory Revenue of N692.283 billion received for the month was higher than the N537.518 billion received in the previous month by N154.765 billion.
From this amount, the Federal government received N276.008 billon, States got N139.995 billion, LGCs got N107.930 billion, and Derivation (13% Mineral Revenue) got N53.831 billion.
The communique also revealed that Petroleum Profit Tax (PPT), Oil and Gas Royalties and Excise Duty increased significantly, while Import Duty and Value Added Tax (VAT) and Companies Income Tax (CIT), decreased marginally.
The communique, however, disclosed that total revenue distributable for the current month inclusive of Gross Statutory Revenue of N577.765 billion, Value Added Tax (VAT) of N159.096 billion, and Exchange Gain of N3.104 billion, bringing the total distributable revenue to N739.965 billion.
However, the balance of Excess Crude Account as at Thursday stands at $60.860 million.
