29 C
Lagos
Friday, September 25, 2020
- Advertisement -

FAAC Disburses N676 billion to States, Councils and Federal Agencies

Opinion

What Manner of Olive Branch? By John Mayaki

Happy times are here for Godwin Obaseki, who rode into victory, courtesy of his Rivers State counterpart and comrade-in-electoral sleight of hand,...

Between ‘Dividers-in-Chief and Dividers-in-Law’ By Wole Soyinka

I am notoriously no fan of Olusegun Obasanjo, General, twice former president and co-architect with other past leaders of the crumbling edifice...

Putting our Money Where Our Mouth Is – By Femi Adesina

There is a story that President Muhammadu Buhari likes to tell. He has done so many times in public and private meetings....

El-Rufai and the next Emir of Zazzau By Aliyu Tilde

The last colonial Governor of Northern Nigeria, Sir Bryan Sharwood Smith, was the District Officer (D.O.) of Zaria when the Emir of...

Nigeria’s Federation Accounts Allocation Committee (FAAC) will distribute N676 billion to federal agencies, states and local government councils across the country.

Mahmud Isa-Dutse, the Permanent Secretary of the Federal Ministry of Finance said this during a virtual FAAC meeting held in August, according to a communiqué released on Sunday.

Mr Dutse said a gross statutory revenue of N543.788 billion was received for July 2020, slightly higher than N524.526 billion received in June.

The gross revenue available from the Value Added Tax (VAT) was N132.619 billion an increase of N3.793 billion, when compared to the N128.826 billion recorded in June.

The communiqué stated that from the total distributable revenue of N676.407 billion, the federal government received N273.189 billion, the state governments received N190.849 billion and the local government councils received N142.761 billion.

The oil producing states received an additional N42.851 billion as 13 per cent derivation revenue, while two sub-heads – cost of collection and transfers to relevant agencies – had allocation of N26.757 billion.

“The Federal Government received N254.688 billion from the gross statutory revenue of N543.788 billion; the State Governments received N129.181 billion and the Local Government Councils received N99.593 billion,” it said .

“N42.851 billion was given to the relevant States as 13 per cent derivation revenue and N17.474 billion was the collective total for cost of revenue collection by revenue agencies,” it added.

The federal government received N18.500 billion from the Value Added Tax (VAT) revenue of N132.619 billion. The state governments received N61.668 billion, the local government councils received N43.168 billion, while cost of revenue collection and transfers collectively had a revenue allocation of N9.283 billion.

The communiqué said in the month of July 2020, Oil and Gas Royalty, Petroleum Profit Tax (PPT) and Value Added Tax (VAT) increased considerably while Companies Income Tax (CIT), and Import and Excise Duty recorded decreases.

The balance in the Excess Crude Account (ECA) as of August 19, 2020 was $72.408 million.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Business Profiles

Okechukwu Ohanta

Okechukwu Ohanta is the Sub-Surface Manager at Tenoil Petroleum and Energy Services. Mr Ohanta is responsible for the company's subsurface studies, formation...

Chukwunonye Emenalo

Chukwunonye Emenalo is a lecturer of financial management at Lagos Business School. His teaching interests are in financial management/corporate finance. His research...

Oyewale Ariyibi

Oyewale Ariyibi is the Chief Financial Officer at FBN Holdings Plc. Before this appointment, he was Chief Finance Officer at Transnational Corporation...

Dada Awosika

Dada Awosika is the Managing Partner of D.A Awosika & Partners LLP. He started his Legal Practice in 1996 at the law...

Olamide Edun

Olamide joined Lion’s Head Global Partners in 2017 and is a member of the African Local Currency Bond Fund team, focussed on...