ABAH ADAH
A total of N 1.298 trillion has been disbursed to the federal, states and local government councils as September revenue.
The sharing was announced at the October meeting of the Federation Accounts Allocation Committee, FAAC, in Abuja.
A statement signed by the Director of Press and Public Relations, Office of the Accountant-General of the Federation, Bawa Mokwa, and made available to AljazirahNigeria, said the total distributable revenue comprised distributable statutory revenue of N124.716 billion, distributable Value Added Tax, VAT, revenue of N543.518 billion, Electronic Money Transfer Levy, EMTL, of N18.445 billion, Exchange Difference revenue of N462.191 billion and Augmentation of N150 billion.
A communiqué issued by FAAC indicated that a total revenue of N2.258 trillion was available in the month of September. Total deduction for cost of collection was N80.993 billion, while total transfers, interventions and refunds was N878.946 billion.
According to the communiqué, gross statutory revenue of N1.043 trillion was received for the month of September. This was lower than the N1.221 trillion received in the month of August by N177.426 billion.
Gross revenue of N583.675 billion was available from the VAT in September. This was higher than the N573.341 billion available in the month of August by N10.334 billion.
The communiqué stated that from the N1.298 trillion total distributable revenue, the federal government got N424.867 billion, state governments, N453.724 billion, while local government councils received N329.864 billion, 13 percent mineral revenue was shared to the benefiting states.
On the N124.716 billion distributable statutory revenue, the communiqué stated that the federal government received N43.037, states, N21.829 billion, while local government councils got N16.829 billion, as N43.021 billion, 13 percent mineral revenue was shared to the benefiting states.
From the N543.518 billion distributable VAT revenue, the federal government received N81.528 billion, states, N271.759 billion and local government councils, N190.231 billion.
N2.767 billion was received by the federal government from the N18.445 billion EMTL. State governments received N9.222 billion, while local government councils received N6.456 billion.
From the N462.191 billion Exchange Difference Revenue, the federal government received N218.515 billion, state governments, N110.834 billion, while local government councils received N85.448 billion, leaving the sum of N47.394 billion, 13 percent mineral revenue was shared to the benefiting states.
The federal government received N79.020 billion, state governments received N40.080 billion and local government councils received N30.900 billion from the N150 billion augmentation.
In September, Oil and Gas Royalty, Excise, EMTL, and CET Levies increased considerably, while VAT and Import Duty increased marginally. Petroleum Profit Tax, PPT, Companies Income Tax, CIT, and others recorded significant decreases.
