FAAC Disbursement for September Drops 8.4% to N696.9bn

September 24, 2021
FAAC disburses

By Adedapo Adesanya

The amount disbursed to the federal government, the 36 states and the 774 local government councils as well as other relevant agencies in Nigeria in September 2021 dropped 8.4 per cent.

The Federation Accounts Allocation Committee (FAAC) said it shared N696.9 billion from the revenue generated in August 2021 to the three arms of government this month compared with the N760.7 billion it distributed last month.

This information was contained in a statement issued by the Office of Accountant General of the Federation after the monthly FAAC meeting for September 2021 held virtually on Thursday.

In the statement signed by Mr Henshaw Ogubike, the Director of Information, Press and Public Relations at the OAGF, it was stated that the gross revenue disbursed to the three tiers of government comprises gross statutory revenue of N477.5 billion, the gross revenue from the Value Added Tax (VAT) of N166.2 billion and revenue from the exchange gain of N2.830 billion.

Mr Ogubike also said that the excess bank charges recovered were N403 million, while revenue from non-oil was N50 billion, bringing the total gross revenue to N696.9 billion.

The statement disclosed that under the review month, the sum of N72.29 billion was the total deductions for the cost of collection, statutory transfers and refunds, while the balance in the Excess Crude Account (ECA) was $60.9 million.

The communiqué indicated that from the total revenue, the federal government received N289.3 billion, while the state and local governments received N217.2 billion and N161.5 billion respectively.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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