October revenue:  FAAC releases N702.058bn to the 3 tiers of government


October revenue:  FAAC releases N702.058bn to the 3 tiers of government

 

 

For the month of October revenue, the Federation Accounts Allocation Committee (FAAC) released a total of N702.058 billion to the three tiers of government which comprise of Federal Government, States and Local Governments levels.

 

The Accountant General of the Federation, Mr Ahmed Idris on Wednesday, announced this in a communique he read out after the FAAC meeting in Abuja.

 

Idris said that N702.058 billion included revenue from Value Added Tax (VAT), Exchange Gain and Gross Statutory Revenue.

 

A breakdown of the revenue

 

The AGF explained that the Federal Government received N295.7billion; the States had N192.697 billion; and the Local Governments received N144.9 billion.

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He stated that the oil Producing states received N49.1 billion as 13 per cent derivation revenue; and the Revenue Generating Agencies got N19.472 billion as cost of revenue collection.

 

 

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Idris, however, disclosed that the gross statutory revenue for the month of October 2019 was N596.041 billion

 

He further noted that it was lower than the N599.701 billion received in the previous month by N3.660 billion.

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He said the revenue from VAT was N 104.910 billion as against N92.874 billion disbursed in the preceding month; with an increase of N12.036 billion recorded.

 

According to him, the exchange gain yielded a total revenue of N1.107 billion.

 

He said as at 20th November, the balance in the Excess Crude Account was 324 million dollars.

 

An increase of companies revenues; but a fall from royalties

 

Idris stressed that the Federal Government received N15.107 billion; the States got N50.357 billion; the Local Governments received N35.250 billion; while the Revenue Generating Agencies had N4.196 billion from VAT.

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Acknowledging the changes, he said that revenues from Companies Income Tax (CIT); VAT and import duty increased extraordinarily; while Royalties, Petroleum Profit Tax (PPT); and Excise Duty decreased significantly for the month of October.

 

The committee was delighted at the increase in revenue; and hopes for its sustainability, Idris added.

Olanike Akinrimisi

Humanitarian reporter, writer and author

1stnews.com

olanike.akinrimisi@1stnews.com

Olanike Akinrimisi

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