FG, States And LGCs Shared N604n For October

The Federation Accounts Allocation Committee on Wednesday at its meeting chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Alh. Aliyu Ahmed shared to the three tiers of government, a total of N604n as federation allocation for the month of October.

From this amount, inclusive cost of collection to NCS, DPR and FIRS, the Federal Government received N220.751n, the States received N161.825n, the Local Government councils got N120.588n while the oil producing states received N31.902n as 13 per cent derivation.

A communique issued by the Federation Account Allocation Committee at the end of the meeting, indicated that the Gross Revenue available from the Value Added Tax for October was N126.463bn as against N141.858n distributed in the preceding month of September.

This resulted in a decrease of N15.395bn.

The Communique stated further that the distributed Statutory Revenue of N378.148n received for the month was higher than the N341.501bn received for the previous month by N36.647bn.

From this amount, the Federal government received N166.195bn, States got N84.296n, LGCs got N64.989 billion, Derivation got N21.581n and Cost of Collection/ Transfer and Refund was put at N40.086 billion.

The communique also revealed that Oil and Gas Royalty, Companies Income Tax increased substantially.

However, Import Duty, Excise Duty, Value Added Tax and Petroleum Profit Tax according to the communiqué recorded decreases.

The communiqué further disclosed that the total revenue distributable for the current month was augmented with the sums of N72bn, and N7.392bn from Forex Equalization and FGN Intervention respectively.

The balance in the Excess Crude Account as at 18th November 2020 stands at $72.409m.