FAAC: FAAC: FG, states and local governments share N671.9 billion in September, crude oil bill exceeds $ 60 million


The Federal Government, States and Local Government Councils (LGCs) shared the sum of 671.910 billion naira as the Federation Accounts Allocation Committee (FAAC) for the month of October, the gross account surplus (ECA) amounting to $ 60,860. 

Millions of dollars. in a statement by Mr Mercredi, Oshundun Olajide, Acting Director, Information, Ministry of Finance, Budget and National Planning. He said the credit was distributed at the FAAC meeting in Lagos after the conclusion of the National Council for Finance and Economic Development (NACOFED). 

The amount included value added tax (VAT), increases, exchange gains and non-oil mining revenues. FG received 284.292 billion naira, he claims 209.838 billion naira and LGCs 156.282 billion naira.

He added that the oil-producing states received 21.498 billion naira as a derivation of 13% of mining revenues, with the gross disposable income of VAT for the month under review being 166.284 billion naira against 170.850 billion naira distributed in September. . follows; Federal government received N 23.227 billion, states received N 77.422 billion, LGC received N 54.195 billion, transfers and repayments received N 4.789 billion and the cost of funding was N 6.651 billion .

“The statutory distributed income of 407.864 billion naira received for the month was lower than the 692.283 billion naira received for the previous month compared to 284.419 billion naira.” 

Of this amount, the federal government received 180.551 billion naira, the states got N91. 578 billion, LGC received 70.603 billion naira, the diversion (13% of mining revenue) received 21.118 billion naira, the cost of collection received 17.940 billion naira while transfers and repayments received 26 naira .075 billion, ”he said. 

The ministry revealed that corporate income tax (CIT), oil profit tax (PPT) and oil and gas royalties have also decreased.

“The statement, however, revealed that the total distributable income for the current month includes gross legal income of 363.849 billion naira, VAT of 154.849 billion naira and foreign exchange earnings of 3.217 billion naira.” income bringing the total distributable income to 671.910 billion naira, ”he said. 

Newsway reported last month that the federal, state and local governments were sharing the sum of 739.965 billion naira as the Federation Accounts Allocation Committee (FAAC) for September.


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