FAAC: Fed, States, LGs revenue down by N284b in October

The amount of revenue shared by the Federal Government, States and Local Government Councils (LGCs) dropped by N284.41 billion in October, the Accountant-General of the Federation (AGF), Ahmed Idris, announced on Wednesday.

According to it, the communique by the Federation Accounts Allocation Committee (FAAC) at the end of the meeting held yesterday in Lagos, Idris said the gross statutory revenue of N407.86 billion was received in October, lower than the N692.28 billion received in the previous month by N284.41 billion.

Petroleum Profit Tax (PPT), Oil and Gas Royalties and Companies Income Tax (CIT) decreased considerably.

There was a slight decline in Value Added Tax (VAT) whereas, import Duty and Excise Duty increased marginally.

The distributable Statutory Revenue for the month was N363.84 billion , VAT stood at N154.84 billion and Exchange Gain was N3.21 billion.

Idris also said there were augmentations of N100 billion from non-oil mineral revenue bringing the total distributable revenue to N671.91 billion.

According to him, the Federal Government takes 15 per cent of VAT distribution, state government, 50 per cent and Local Government 35 per cent.

“Sectoral breakdown of funds available for distribution for the month of October showed that mineral revenue in October stood at N167.56 billion lower than N422.70 billion in September , this created a revenue difference of -N255.13 billion. For non-mineral revenue, N240.29 billion as against N269.58 billion creating a revenue difference of -N29.28 billion,” he stated in the report.

“Comparative analysis of funds available with prior statements of accounts showed that total funds available for distribution stood at N407.86 billion as against N692.28 billion in September.”

According to it, the communique by FAAC, Gross Revenue available from the VAT for the month under review was N166.284 billion as against N170.850 billion distributed in September, resulting in a decrease of N4.566 billion.

“The distributed statutory revenue of N407.864 billion received for the month was lower than the N692.283 billion received for the previous month by N284.419 billion.

“Of this, the Federal Government received N180.551 billion, states got N91.578 billion, LGCs got N70.603 billion, derivation (13 per cent mineral revenue) got N21.118 billion, cost of collection received N17.940 billion while transfers and refunds got N26.075 billion,” it stated.

However, the balance of Excess Crude Account (ECA) as stands at 60.860 million dollars.