TheCable

A total sum of N739.965 billion has been shared by the three tiers of government as revenue from the federation accounts allocation committee (FAAC).

This is the revenue from September disbursed in October.

Oshundun Olajide, deputy director (information), ministry of finance, budget and national planning, disclosed this in a statement on Thursday, according to NAN.

The disbursed fund is N43 billion higher than the N696.965 billion received from FAAC in August as revenue allocated in September.

According to FAAC, the total distributable revenue comprised of distributable statutory revenue of N577.765 billion, distributable value-added tax (VAT) revenue of N159.096 billion and exchange gain of N3.104 billion.

Out of the total revenue, the federal government received N301.311 billion, the states got N220.272 billion, and local government councils were allocated N164.176 billion.

Oil-producing states also received N54.206 billion as 13 percent derivation, while gross revenue available from value-added tax (VAT) for September was N170.850 billion.

From the VAT revenue, the federal government got N23.864 billion, states received N79.548 billion, while local government councils were allocated N55.684 billion.

September’s VAT revenue is lower than the N178.509 billion available in August by N7.659 billion.

A sum of NN692.283 billion was distributed as statutory revenue.

From this amount, the federal government received N276.008 billion, the state governments received N139.995 billion; while the local government councils received N107.930 billion and 13 percent derivation from mineral revenue was N53.881 billion.

The statement noted that petroleum profit tax (PPT), oil and gas royalties, and excise duty increased significantly, while import duty, VAT and companies income tax (CIT) decreased marginally.

Also, FAAC said the balance of the excess crude account stood at $60.860 million at October 28, 2021.