*A’Ibom, Bayelsa, Delta, Rivers Receive N21.6 Billion Derivation Funds…
* Excess Crude Account Balance Stands at $72.409 million…
A total sum of N639.901 billion was disbursed among the 3 tiers of government: federal government, states and local government councils for the month of September.
This was disclosed by Mr Aliyu Ahmed, Permanent Secretary, Ministry of Finance, Budget and National Planning in a statement released by Director of Information in the ministry, Mr Hassan Dodo at the end of the Federation Accounts Allocation Committee (FAAC) meeting in Abuja, Thursday.
According to the News Agency of Nigeria (NAN), the federal government got N255.748 billion, the states received N185.645 billion while local government councils had N138.444 billion.
The oil producing states received N36.188 billion as 13% derivation for Mineral Revenue, while the Cost of Collection/Transfer and Refund was N23.876 billion.
According to the communique issued by the FAAC, the gross revenue available from the Value Added Tax (VAT) for September was N141.858 billion.
This was against the N150.230 billion distributed in August, resulting in a decrease of N8.372 billion.
“The distribution is as follows: Federal Government got N19.789 billion, the States received N65.964 billion, Local Government Councils got N46.175 billion, while Cost of Collection/Transfer and Refund got N9.930 billion.
“The distributed Revenue of N341.501 billion received for the month was lower than the N531.830 billion received for the previous month by N190.329 billion, from which the federal government received N161.131 billion, states got N81.728 billion, LGCs got N63.009 billion, Derivation (13 per cent Mineral Revenue) got N21.688 billion and Cost of Collection/ Transfer and Refund got N13.946 billion.”
The statement noted that the N639.901 billion shared included cost of collection to Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and the Federal Inland Revenue Service (FIRS).
The communique also revealed that Oil and Gas Royalty, Companies Income Tax (CIT) decreased significantly.
Import Duty and VAT also decreased marginally, while Petroleum Profit Tax (PPT) and Excise Duty recorded increase.
In addition, it was disclosed that total revenue distributable for the current month was augmented.
The augmentation was with the sums of N39.542 billion, N45 billion and N72 billion from Forex Equalisation, Non Oil Excess Revenue and FGN Intervention, respectively.
This brought the total Distributable Revenue to N639.901 billion.
The balance in the Excess Crude Account as at Oct. 15 stands at $72.409 million.
