The Federal Account Allocation Committee (FAAC) on Thursday (17th October, 2019) in Abuja at its meeting, shared to the Federal Government, States and Local Government Councils a sum total of N693.529 billion as federal allocation for the month of September 2019.
In a Press Release issued by Hassan Dodo, Director of Information of the Ministry on Thursday, October 17th, 2019, from the amount, inclusive of VAT and Exchange Gain, the Federal Government received N293.801 billon representing 52.68 per cent, the States received N186.816 billion representing 26.72 per cent and Local government councils got N140.864 billion, representing 20.60 per cent, while the oil producing states received N51.532 billion as 13 per cent derivation revenue.
The Press Release also added that however, cost of collection/Transfers/ FIRS, refund was N20.517 billion.
The Statement quoted the communiqué issued by the FAAC at the end of the meeting, which indicated that the Gross Revenue available from the Value Added Tax (VAT) for September 2019 was N92.874 billion as against the N88.082 billion distributed in the previous month of August, 2019, resulting in an increase of N4.792 billion.
The distributed Statutory Revenue of N599.701 billion according to the communiqué received for the month of September was lower than the N631.796 billion received in the previous month by N32.095 billion.
The communiqué further disclosed that, revenues from Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) decreased significantly, while Royalties increased considerably. However, Value Added Tax (VAT), Import and Excise duties recorded marginal increases.
The total revenue distributable for the current month (including VAT and Exchange Gain) according to the committee is N693.529 billion, adding that as at October 17th, 2019, the Excess Crude Account (ECA) is $323.692m.
Earlier, the Institute of Chartered Accountants of Nigeria (ICAN), used the opportunity to make presentation on ICAN Accountability Index (ICAN – AI) to the Federation Account Allocation Committee (FAAC), which is an evidence based tool for accessing Public Finance Management (PFM) practices in the three tiers of government using five (5) pillars recommended by the ICAN, which will in turn help government at all levels to be more transparent and accountable.