FAAC: FG, States, LGs share N702.058bn

FAAC: FG, States, LGs share N702.058bn

The Federation Accounts Allocation Committee (FAAC) has shared a total of N702.058 billion to the three tiers of government for the month of October. A Communique read by Accountant General of the Federation, Mr Ahmed Idris after the FAAC meeting in Abuja, said on Wednesday. Idris said that N702.058 billion comprised revenue from Value Added

The Federation Accounts Allocation Committee (FAAC) has shared a total of N702.058 billion to the three tiers of government for the month of October.

A Communique read by Accountant General of the Federation, Mr Ahmed Idris after the FAAC meeting in Abuja, said on Wednesday.

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

He explained that the Federal Government received N295.7billion, the States got N192.697 billion, and the Local Governments received N144.9 billion.

The oil Producing States received N49.1 billion as 13 per cent derivation revenue, according to him, while the Revenue Generating Agencies got N19.472 billion as cost of revenue collection.

He said the gross statutory revenue for the month of October 2019 was N596.041 billion which was lower than the N599.701 billion received in the previous month by N3.660 billion.

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.

He acknowledged that for the month of October, revenues from Companies Income Tax (CIT), VAT and import duty increased remarkably, while Royalties, Petroleum Profit Tax (PPT), and Excise Duty decreased significantly, NAN reports.

Idris noted that the committee was glad with the increase in revenue and expressed hope for its sustainability.







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