Politics
FG, States And LGs Share N693bn For September – FAAC
The Federation Account Allocation Committee (FAAC) Has revealed that a total amount of N693.529billion was shared between the Federal, States and Local governments for the month of September, 2019.
The N693.529billion comprised revenue from Value Added Tax(VAT), Exchange Gain and Gross Statutory Revenue in the month.
A statement from the Accountant General of the Federation, Ahmed Idris, revealed the development.
The statement further revealed that for the month of September, gross revenue of N92.874 billion was generated from the Value Added Tax as against N88.082 billion distributed in the previous month, resulting in an increase of N4.792 billion.
The statement also noted that the breakdown of the allocation showed that from the total revenue of N693.529 billion shared, the Federal Government received N293.801 billion, the States received N186.816 billion, and the Local Government Council received N140.864 billion.
Meanwhile, the Oil Producing States shared N51.532 billion as 13% derivation revenue and the Revenue Generating Agencies received N20.517 billion as cost of revenue collection.
It was however deduced that N0.954billion was realised from Exchange Gain as total revenue for the month.
The N92.874 billion gotten from Value Added Tax (VAT) revenue was shared accordingly, in which the Federal Government received N13.374billion, the States received N44.580 billion, and Local Government Councils received N31.206 billion and the Revenue Generating Agencies received N3.715 billion.
The AGF however, noted that as at 17th October 2019, the balance in the Excess Crude Account was $323.692million.
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