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The Federation Account Allocation Committee (FAAC) on Thursday in Abuja, shared a total of ₦693.529 billion to the three tiers of government for the month of September, 2019.
The ₦693.529 billion comprised revenue from Value Added Tax(VAT), Exchange Gain and Gross Statutory Revenue in the month.
A communiqué read by the Accountant General of the Federation (AGF) Mr Ahmed Idris, confirmed that the gross statutory revenue for the month of September was ₦599.701 billion.
The amount was less than the ₦631.796 billion received in the previous month by ₦32.095 billion.
For the month, gross revenue of ₦92.874 billion was generated from VAT as against ₦88.082 billion distributed in the previous month, indicating an increase of ₦4.792 billion.
According to the communique, ₦0.954 billion was also realised from Exchange Gain for the month.
A breakdown of the allocation showed that from the total revenue of ₦693.529 billion shared, the Federal Government received ₦293.801 billion, the States received ₦186.816 billion, and the Local Government Council received ₦140.864 billion.
The Oil Producing States shared ₦51.532 billion as 13 per cent derivation, while the Revenue Generating Agencies received ₦20.517 billion as cost of revenue collection.
The communique also stated that in September 2019, revenue from Petroleum Profit Tax (PPT) and Company Income Tax (CIT) decreased while Royalties, Import and Excise Duties and Value Added Tax increased considerably.
However, the AGF said that as at Oct. 17, the balance in the Excess Crude Account was $323.692million.
