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Market Digest Nigeria

Finance

Nigeria’s FG, States, LGAs share N693.529bn for September

The Federation Account Allocation Committee (FAAC) on Thursday in Abuja, shared a total of N693.529 billion to the three tiers of government for the month of September, 2019.

Pic.21. From left: Director of Federal Account Allocation Committee (FAAC), Sabo Usman; Director of Funds, Federal Ministry of Finance, Muhammed Kudu Usman; and Accountant-General of the Federation, Ahmad Idris, during the Federal Account Allocation Committee meeting in Kaduna on Wednesday (28/11/18).
061043/28/11/2018/Ibrahim Bashir/BJO/NAN

The  N693.529 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 N599.701billion. The amount was less than the N631.796 billion received in the previous month by N32.095 billion.  For the month, gross revenue of N92.874 billion was generated from VAT as against N88.082 billion distributed in the previous month, indicating an increase of N4.792 billion.

According to the communique, N0.954 billion was also realised from Exchange Gain for the month. A breakdown of the allocation showed that from the total revenue of N693.529 billion shared, the Federal Government received N293.801 billion, the States received N186.816 billion, and the Local Government Council received N140.864 billion. The Oil Producing States shared N51.532 billion as 13 per cent derivation, while the Revenue Generating Agencies received N20.517 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.

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