On Wednesday, a total of N702,058bn October revenues was shared among the three levels of government. The number reflected revenue receipts received by the Federation Accounts Allocation Committee (FAAC).
During the monthly meeting chaired by the Federation’s Accountant General, Ahmed Idris, it was revealed that N702,058 billion, comprising the collection of Value Added Tax (VAT), Exchange Gain and Gross Statutory Revenue, was shared among three levels of government.
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It was also disclosed that as at 20th November 2019, the balance in the Excess Crude Account stood at $324 million.
For October 2019, the Gross Statutory Revenue for the month was N596.041billion. It was lower than the N599.701 billion Received in the previous month by N3.660 billion. Revenue from Value Added Tax (VAT) was N104.910 billion as against the N92.874 billion distributed in the preceding month, resulting in an increase of N12.036 billion. Exchange Gain yielded a total revenue of N1.107 billion.
A Communique issued by the Federation Account Allocation Committee (FAAC) indicated that from the total revenue of N702.058 billion, the Federal Government received N295.737 billion, the states were allocated N192.697 billion, while the Local Government Councils got N144.987 billion.
The Oil Producing States received N49.164 billion, being 13 per cent derivation and the Revenue Generating Agencies received N19.472 billion as cost of revenue collection.
A breakdown of the shared funds showed that from the gross statutory revenue of N596.041 billion, the central government received N280.110 billion, the states received N142.076 billion, Local Government Councils received N109.534 billion, the Oil Producing States received N49.044 billion as 13 per cent derivation, while the Revenue Collecting Agencies received N15.276 billion as cost of collection.
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The federal government collected N15,107 billion from the Value Added Tax (VAT), the states received N50,357 billion, the local government councils received N35,250 billion and the revenue generating agencies received N4,196 billion.
The Communique confirmed that revenues from Company Income Tax (CIT), Value Added Tax (VAT) and import duty increased significantly during the month of October 2019, while Royalties, Petroleum Profit Tax (PPT) and Excise Duty decreased substantially.
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