FG , States, LGs Share N639.901bn For September

*The Excess Crude Account now has a balance
$72.41m.

The balance in Nigeria’s excess crude oil revenue account (ECA)
stood at over $72.41 million as of September 2020 end, as the three
tiers of government shared a total of N639.901 billion for the
month.

The Permanent Secretary, Federal Ministry of Finance, Aliyu
Ahmed, announced this on Thursday in Abuja at the end of the
Federation Accounts Allocation Committee (FAAC) meeting.

Mr Ahmed, who chaired the meeting, disclosed that total
distributable revenue to the Federal, State and Local Government
was N639.9 billion.

He said distributable revenue comprised statutory revenue of
N341.501 billion; Value Added Tax (VAT) revenue of N141.858
billion; N39.542 billion from Foreign exchange equalisation; N45
billion from non-oil excess revenue and N72 billion as the 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.

Mr Ahmed who read from a communiqué issued FAAC Secretariat
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 per cent
derivation revenue, while the cost of collection and transfers had
an allocation of N23.876 billion.

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 the cost of collection, transfers, and
refunds had an 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 13per
cent mineral revenue.

*The Excess Crude Account now has a balance
$72.41m.

The balance in Nigeria’s excess crude oil revenue account (ECA)
stood at over $72.41 million as of September 2020 end, as the three
tiers of government shared a total of N639.901 billion for the
month.

The Permanent Secretary, Federal Ministry of Finance, Aliyu
Ahmed, announced this on Thursday in Abuja at the end of the
Federation Accounts Allocation Committee (FAAC) meeting.

Mr Ahmed, who chaired the meeting, disclosed that total
distributable revenue to the Federal, State and Local Government
was N639.9 billion.

He said distributable revenue comprised statutory revenue of
N341.501 billion; Value Added Tax (VAT) revenue of N141.858
billion; N39.542 billion from Foreign exchange equalisation; N45
billion from non-oil excess revenue and N72 billion as the 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.

Mr Ahmed who read from a communiqué issued FAAC Secretariat
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 per cent
derivation revenue, while the cost of collection and transfers had
an allocation of N23.876 billion.

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 the cost of collection, transfers, and
refunds had an 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 13per
cent mineral revenue.