BREAKING NEWS

FG, States, LGAs Share N604.004bn For October 2020 Revenue As Oil&Gas Royalty, CIT Increased Substantially



The Federation Accounts Allocation Committee (FAAC), yesterday approved the sharing of N604.004 billion to the three tiers of government as federation allocation for the month of October 2020.


The declared amount is inclusive cost of collection to by the Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and the Federal Inland Revenue Service (FIRS).


From the available revenue from October, the federal government received N220.751 billion, the States received N161.825 billion, the Local Government councils got N120.588 billion while the oil producing states received N31.902 billion as derivation (13% of Mineral Revenue) and Cost of Collection/Transfer and Refunds got N48.939 billion.


A communique read by the permanent secretary, federal ministry of finance, budget and national planning, Aliyu Ahmed showed that the gross revenue available from the Value Added Tax (VAT) for October, 2020 was N126.463 billion as against  N141.858 billion distributed in the preceding month of September, 2020, resulting in a decrease of N15.395 billion.


The distribution is as follows; federal government got N17.642 billion, the States received N58.805 billion, Local Government Councils got N41.167 billion, while Cost of Collection/Transfer and Refund got N5.059 billion and Allocation to NEDC project received N3.794 billion.


The distributed statutory revenue of  N378.148 billion received for the month was higher than the N341.501 billion received for the previous month by N36.647 billion, from which the Federal government received N166.195 billon, States got N84.296 billion, LGCs got N64.989 billion, Derivation (13% Mineral Revenue) got N21.581 billion and Cost of Collection/ Transfer and Refund got N40.086 billion.


The committee said that the total revenue distributable for the current month was augmented with the sums of N72 billion, and N7.392 billion from Forex Equalization and FGN Intervention respectively, including an augmentation of N20 billion from the Stabilization Account because of low revenue which is to be shared accordingly to the three tiers of government, bringing the total Distributable Revenue to N604.004 billion.


The communique also revealed that Oil and Gas Royalty, Companies Income Tax (CIT) increased substantially. Import Duty, Excise Duty, Value Added Tax (VAT), and Petroleum Profit Tax (PPT) according to the communiqué recorded decreases.


The balance in the Excess Crude Account as at 18th November 2020 stands at $72.409 million.


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