FAAC Disburses N739.965bn to FG, States, Councils in October

By Modupe Gbadeyanka

The sum of N739.965 billion has been shared to the three tiers of government for October 2021 by the Federation Accounts Allocation Committee (FAAC).

The amount was the revenue generated in the month of September 2021 and distributed to the federal government, the 36 states governments, the 774 local government areas of the federation and some agencies.

A communiqué issued at the end of the virtual FAAC meeting for this month disclosed that the money shared comprised N577.765 billion as distributable statutory revenue, N159.096 billion as distributable Value Added Tax (VAT) revenue and N3.104 billion as exchange gain.

From the total distributable funds, the federal government got N301.311 billion, the states were given N220.272 billion, while the councils received N164.176 billion, with the oil-producing states getting N54.206 billion as 13 per cent derivation revenue.

Also, from the N159.096billion distributable VAT, the federal government received N23.864 billion, the states got N79.548 billion, while the LGAs had N55.684 billion.

In addition, from the N3.104 billion exchange gain revenue, FAAC gave the FG N1.438 billion, shared N0.729 billion to the state governments, disbursed N0.562 billion to the councils and allotted N0.375 billion to the relevant states as 13 per cent derivation revenue.

It was disclosed that last month, N126.272 billion was the total deductions for the cost of collection, statutory transfers, savings and refunds, while the amount left in the Excess Crude Account (ECA) stood at $60.860 million.

Furthermore, the communiqué stated that last month, Petroleum Profit Tax (PPT), oil and gas royalties and excise duty increased significantly while Companies Income Tax (CIT), VAT and import duty decreased marginally.

It was said that the gross revenue available from VAT was N170.850 billion, lower than the N178.509 billion recorded in August 2021 by N7.659 billion.