The Federation Accounts Allocation Committee (FAAC) has released the sum of N639.901 to the Federal Government, States and all the 774 Local Government Areas in Nigeria for the month of September 2020.
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 ₦639.901billion comprised statutory revenue of ₦341.501 billion; Value Added Tax (VAT) revenue of ₦141.858 billion; ₦39.542 billion from Forex Equalisation; ₦45 billion from Non-oil Excess Revenue and ₦72 billion Federal Government Intervention Revenue.
The gross statutory revenue of ₦341.501 billion available for the month of September 2020 was lower than the ₦531.830 billion received in the previous month by ₦190.329 billion.
The gross revenue of ₦141.858 billion available from the Value Added Tax (VAT) was also lower than the ₦150.230 billion available in the previous month by ₦8.372 billion.
A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that from the total distributable revenue of ₦639.901 billion; the Federal Government received ₦255.748 billion, the State Governments received ₦185.645 billion and the Local Government Councils received ₦138.444 billion.
₦36.188 billion was disbursed to oil mineral producing states as 13% mineral revenue, while cost of collection and transfers had an allocation of ₦23.876 billion.
The Federal Government received ₦161.131 billion from the gross statutory revenue of ₦341.501 billion; the State Governments received ₦ 81.728 billion and the Local Government Councils received ₦63.009 billion.
₦21.688 billion was given to the relevant States as 13% mineral revenue and ₦13.964 billion was the total for cost of collection, transfers and refunds.