Oil-producing states get N31.9bn in Oct, as FAAC distributes N604.004bn

The Federation Accounts Allocation Committee, FAAC, said the three tiers of government shared N604.004 billion as federation allocation for the month of October.

From this amount, inclusive cost of collection to NCS, DPR and FIRS, the Federal Government received N220.751 billion, the states received N161.825 billion, local governments 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 indicated that the gross revenue from Value Added Tax (VAT) for October was N126.463 billion as against N141.858 billion distributed in the preceding month of September, resulting in a decrease of N15.395 billion.

The distribution is as follows: Federal Government got N17.642 billion, states received N58.805 billion, local governments 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 that amount, the Federal Government received N166.195 billon, states got N84.296 billion, local governments, N64.989 billion, derivation (13% mineral revenue) got N21.581 billion and Cost of Collection/ Transfer and Refund got N40.086 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 communiqué further disclosed that the total revenue distributable for the current month was augmented with the sums of N72 billion, and N7.392 billion from Forex Equalisation and government’s intervention respectively.

It also included 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 balance in the Excess Crude Account on November 18 stands at $72.409 million.