FAAC Shares N682bn Revenue to FG, States and LGs for August.
The Federation Accounts Allocation Committee (FAAC) has shared a total of N682.060 billion August 2020 federation account revenue to the Federal, States and Local Government Councils and agencies. This was made known after the monthly Federation Account Allocation Committee (FAAC) meeting for September 2020 held through virtual conferencing; chaired by Dr Mahmud Isa-Dutse, Permanent Secretary, Federal Ministry of Finance. The gross statutory revenue of N531.830 billion was received for the month of August 2020. This was lower than the N543.788 billion received in the previous month by N11.958 billion. The gross revenue available from the Value Added Tax (VAT) was N150.230 billion as against N132.619 billion available in the previous month, resulting in an increase of N17.611 billion. A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that from the total distributable revenue of N682.060 billion; the Federal Government received N272.905 billion, the State Governments received N197.648 billion and the Local Government Councils received N147.422 billion. The Oil Producing States received N30.881 billion as 13% derivation revenue, while cost of revenue collection and transfers collectively had allocation of N33.205 billion. The Federal Government received N251.948 billion from the gross statutory revenue of N531.830 billion; the State Governments received N 127.791 billion and the Local Government Councils received N98.522 billion. N30.881 billion was given to the relevant States as 13% derivation revenue and N22.689 billion was the collective total for cost of revenue collection, transfers and refund to agencies. The Federal Government received N20.957 billion from the Value Added Tax (VAT) revenue of N150.230 billion. The State Governments received N69.857billion; the Local Government Councils received N48.900 billion, while cost of revenue collection and transfers collectively had allocation of N10.516 billion. The Communiqué stated that for the month of August 2020, Oil and Gas Royalty, Companies Income Tax (CIT), Import and Excise Duty and Value Added Tax (VAT) increased considerably, while Petroleum Profit Tax (PPT) decreased significantly. The balance in the Excess Crude Account (ECA) as at 17th September, 2020 was $72.409 million.