The Federations Account Allocation Committee, FAAC, share N604.004 billion for October. The federal government, states and Local Government Areas have shared N604.004 billion for the month is coroner, 2020.
The distribution was made at the Federation Accounts Allocation Committee (FAAC), chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Alh. Aliyu Ahmed.
From this amount, inclusive cost of collection to NCS, DPR and FIRS, the Federal Government received N220.751 billion, the States received N161.825 billion, the Local Government councils got N120.588 billion while the oil producing states received N31.902 billion as derivation (13% of Mineral Revenue) and Cost of Collection/Transfer and Refunds got N48.939 billion.
The statement released at the end of the meeting says the Gross Revenue available from the Value Added Tax (VAT) for October, 2020 was N126.463 billion, which is N15.395 billion lower than the N141.858 billion distributed in the preceding month of September, 2020.
However, the distributed Statutory Revenue of N378.148 billion received for the month was higher than the N341.501 billion received for the previous month by N36.647 billion, from which the Federal government received N166.195 billon, States got N84.296 billion, LGAs got N64.989 billion, Derivation (13% Mineral Revenue) while N21.581 billion served as the amount for 13% derivation and Cost of Collection/Transfer and Refund got N40.086 billion.
The communiqué further disclosed that the total revenue distributable for the current month was augmented with the sums of N72.000 billion, and N7.392 billion from Forex Equalization and FGN Intervention respectively, including an augmentation of N20 billion from the Stabilization Account because of low revenue which is to be shared accordingly to the three tiers of government, bringing the total Distributable Revenue to N604.004 billion.
Meanwhile, the balance in the Excess Crude Account as at 18th November 2020 stands at $72.409 million