The Federation Accounts Allocation Committee (FAAC) has distributed N739.965 billion in federation account earnings to the Federal, State, and Local Government Areas for September 2021.
This was stated in a communiqué published at the conclusion of the Federation Account Allocation Committee (FAAC) virtual meeting for October 2021.
The entire Distributable Revenue of N739.965 billion was made up of N577.765 billion in distributable Statutory Revenue, N159.096 billion in distributable Value Added Tax (VAT), and N3.104 billion in Exchange Gain.
Total deductions for cost of collection, statutory transfers, savings, and refunds totaled N126.272 billion in September 2021.
The Excess Crude Account (ECA) has a balance of $60.860 million.
According to the communiqué, the Federal Government received N301.311 billion, State Governments received N220.272 billion, and Local Government Councils received N164.176 billion from the total Distributable Revenue of N739.965 billion.
As a result of the 13 percent derivation revenue, a total of N54.206 billion was distributed to the relevant States.
For the month, N577.765 billion in distributable Statutory Revenue was available.
The Federal Government received N276.008 billion, State Governments N139.995 billion, and Local Government Councils N107.930 billion from this sum.
The relevant States were allocated N53.831 billion as 13 percent derivation revenue.
The gross revenue available from the Value Added Tax (VAT) in September 2021 was N170.850 billion.
This was N7.659 billion less than the N178.509 billion made available in August.
The N170.850 billion gross Value Added Tax (VAT) income was reduced by the amount of N4.920 billion allocated to NEDC and N6.834 billion cost of revenue collection, resulting in a distributable Value Added Tax (VAT) revenue of N159.096 billion.
The Federal Government collected N23.864 billion from the N159.096 billion in distributable Value Added Tax (VAT) revenue, while State Governments received N79.548 billion and Local Government Councils received N55.684 billion.
From the N3.104 billion in Exchange Gain earnings, the Federal Government earned N1.438 billion.
State governments receive N0.729 billion, local government councils receive N0.562 billion, and the appropriate states receive N0.375 billion in derivation money.
Petroleum Profit Tax (PPT), Oil and Gas Royalties, and Excise Duty increased significantly in September 2021, whereas Companies Income Tax (CIT), Value Added Tax (VAT), and Import Duty declined marginally, according to the communiqué.
