The Federation Accounts Allocation Committee (FAAC) has shared a total of N739.965 billion September 2021 federation account revenue to the Federal, States and Local Governments Councils.
The aharing was contained in a communiqué issued at the end of the virtual meeting of the Federation Account Allocation Committee (FAAC) for October, 2021.
The N739.965 billion total Distributable Revenue consists of Statutory Revenue of N577.765 billion, distributable Value Added Tax (VAT) revenue of N159.096 billion and Exchange Gain of N3.104 billion.
Going by the revenue sharing Formula, the Federal Government received N301.311 billion, the State Governments received N220.272 billion, and the Local Government Councils received N164.176 billion while the sum of N54.206 billion was shared to the relevant States as 13% derivation revenue.
From the N159.096billion distributable Value Added Tax (VAT) revenue, the Federal Government received N23.864 billion, the State Governments received N79.548 billion and the Local Government Councils received N55.684 billion.
The Federal Government received N1.438 billion from the Exchange Gain revenue of N3.104 billion. The State Governments receive N0.729 billion, the Local Government Councils received N0.562 billion and N0.375 billion was shared to the relevant States as 13% derivation revenue.
From the communiqué, Petroleum Profit Tax (PPT), Oil and Gas Royalties and Excise Duty in September increased significantly while Companies Income Tax (CIT), Value Added Tax (VAT) and Import Duty decreased marginally.