The Federation Accounts Allocation Committee (FAAC) has shared a total of N639.901 billion September 2020 federation account revenue to the Federal, States, and Local Government Councils and agencies.

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 N639.901billion comprised statutory revenue of N341.501 billion; Value Added Tax (VAT) revenue of N141.858 billion; N39.542 billion from Forex Equalisation; N45 billion from Non-oil Excess Revenue and N72 billion Federal Government Intervention Revenue.

The gross statutory revenue of N341.501 billion available for the month of September 2020 was lower than the N531.830 billion received in the previous month by N190.329 billion.

The gross revenue of N141.858 billion available from the Value Added Tax (VAT) was also lower than the N150.230 billion available in the previous month by N8.372 billion.

A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that from the total distributable revenue of N639.901 billion; the Federal Government received N255.748 billion, the State Governments received N185.645 billion and the Local Government Councils received N138.444 billion.

The relevant States received N36.188 billion as 13% mineral revenue, while the cost of collection and transfers had allocation of N23.876 billion.

The Federal Government received N161.131 billion from the gross statutory revenue of N341.501 billion; the State Governments received N 81.728 billion and the Local Government Councils received N63.009 billion. N21.688 billion was given to the relevant States as 13% mineral revenue and N13.964 billion was the total for the cost of collection, transfers, and refunds.

The Federal Government received N19.789 billion from the Value Added Tax (VAT) revenue of N141.858 billion. The State Governments received N65.964 billion; the Local Government Councils received N46.175 billion, while cost of collection, transfers and refunds had allocation of N9.930 billion.

From the N39.542 billion Forex Equalisation revenue, the Federal Government received N18.123 billion, the State Governments received N9.192 billion, the Local Government Councils received N7.087 billion and the relevant States received N5.140 billion as 13% mineral revenue.

The communique confirmed that out of the N45 billion Non-oil Excess Revenue, the Federal Government received N23.706 billion, the State Governments received N12.024 billion and the Local Government Councils received N9.270 billion.

The Federal Government received N32.999 billion, the State Governments received N16.737 billion, the Local Government Councils received N12.904 billion and the relevant States received N9.360 billion as 13% mineral revenue from the N72 billion Federal Government Intervention Revenue.

According to the Communiqué, 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.

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