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

FAAC: FG, States, LGs share N702.058bn [See Breakdown]

82

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

This was announced in a communique read by Accountant General of the Federation, Mr Ahmed Idris after the FAAC meeting in Abuja.

Get A Website Now!

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.

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.

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

He added that it 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.

Get Connected Without Data on Facebook

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.

He further stated that from VAT, 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.

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.


Receive Alerts On:
WhatsApp: +2347038749120, Facebook: MetroDailyNG, Twitter: @MetroDailyNG

Share Your Stories With Us:
SMS: +2347038749120, WhatsApp: +2347038749120, Email: info@metrodailyng.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here