FAAC releases September monthly allocation to FG, States, LGAs

Spread the love

The Federation Accounts Allocation Committee (FAAC) has released the sum of N639.901 to the Federal Government, States and all the 774 Local Government Areas in Nigeria for the month of September 2020.

READ ALSO:  Sowore confronts police officers, insists seeing IGP in Abuja

This was announced after the physical meeting of the Federation Account Allocation Committee (FAAC) for the month of October held at the Federal Ministry of Finance headquarters, Abuja.

The meeting was chaired by Permanent Secretary, Federal Ministry of Finance, Alhaji Aliyu Ahmed.

The total distributable revenue of ₦639.901billion comprised statutory revenue of ₦341.501 billion; Value Added Tax (VAT) revenue of ₦141.858 billion; ₦39.542 billion from Forex Equalisation; ₦45 billion from Non-oil Excess Revenue and ₦72 billion Federal Government Intervention Revenue.

READ ALSO:  Fake Nollywood star in trouble, cooling off in EFCC net

The gross statutory revenue of ₦341.501 billion available for the month of September 2020 was lower than the ₦531.830 billion received in the previous month by ₦190.329 billion.

The gross revenue of ₦141.858 billion available from the Value Added Tax (VAT) was also lower than the ₦150.230 billion available in the previous month by ₦8.372 billion.

A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that from the total distributable revenue of ₦639.901 billion; the Federal Government received ₦255.748 billion, the State Governments received ₦185.645 billion and the Local Government Councils received ₦138.444 billion.

WATCH VIDEO:  WWE RAW! Drew Mclntyre looks to pummel Randy Orton – A MUST WATCH!

₦36.188 billion was disbursed to oil mineral producing states as 13% mineral revenue, while cost of collection and transfers had an allocation of ₦23.876 billion.

The Federal Government received ₦161.131 billion from the gross statutory revenue of ₦341.501 billion; the State Governments received ₦ 81.728 billion and the Local Government Councils received ₦63.009 billion.

₦21.688 billion was given to the relevant States as 13% mineral revenue and ₦13.964 billion was the total for cost of collection, transfers and refunds.

READ ALSO;  INSIDE LIFE! Two men paralyse 13-year-old-teenager after gang rape

The Federal Government picketed ₦19.789 billion from the Value Added Tax (VAT) revenue of ₦141.858 billion while State Governments received ₦65.964 billion.

Local Government Councils got ₦46.175 billion, while cost of collection, transfers and refunds were allocated ₦9.930 billion.

From the ₦39.542 billion Forex Equalisation revenue, the Federal Government received ₦18.123 billion, the State Governments ₦9.192 billion, Local Government Councils ₦7.087 billion and the relevant States received ₦5.140 billion as 13% mineral revenue.

READ ALSO:  FAAC Monthly Allocations To FG, States, LGs Released – SEE FULL ALLOCATIONS!

The communiqué revealed out of the ₦45 billion Non-oil Excess Revenue, the Federal Government received ₦23.706 billion, the State Governments received ₦12.024 billion and the Local Government Councils got ₦9.270 billion.

From the ₦72 billion Federal Government Intervention Revenue the Federal Government received ₦32.999 billion, the State Governments, ₦16.737 billion, Local Government Councils received ₦12.904 billion and oil mineral producing states got ₦9.360 billion as 13% mineral revenue.

In the month of September 2020, Companies Income Tax (CIT) and Oil and Gas Royalty decreased significantly; Import Duty and Value Added Tax (VAT) decreased marginally, while Petroleum Profit Tax (PPT) and Excise Duty recorded increases.

READ ALSO:  INSIDE LIFE! Man narrates how his domestic staff murders his wife, two others in Osun

The balance in the Excess Crude Account (ECA) as at 15th October, 2020 was $72.409 million.

Editor’s Note:  Advertise your products and services on our page to get maximum patronage.
Call us or send your requests to us on WhatsApp number 08023851511, 09053330641 or waju73@yahoo.com for your advert placement, Press Release, Conference, Interview, Media and Publicity at minimal charges.

Nigerian army is our army, support them to win the war on terror.

SOJ WORLDWIDE…an ONLINE NEWS with a difference

www.sojworldnews.com (c) October 15, 2020

Be the first to comment

Leave a Reply

Your email address will not be published.


*


This site uses Akismet to reduce spam. Learn how your comment data is processed.