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FAAC shares N682bn to FG, states, LGs

Nigerians three tires of governments received N682.060 billion from the Federation Account Allocation Committee (FAAC) as revenue accrual into federation account in August. Gross statutory revenue received in August was put at N531.830 billion, an amount lower than the N543.788 billion received in the previous month by N11.958 billion.

The gross revenue available from the Value Added Tax (VAT) was N150.230 billion as against N132.619 billion available in the previous month, resulting in an increase of N17.611 billion. Of total distributable revenue of N682.060 billion, Federal Government received N272.905 billion, states received N197.648 billion and local government councils received N147.422 The oil-producing states received N30.881 billion as 13% derivation revenue, while cost of revenue collection and transfers collectively had allocation of N33.205 billion.

The Federal Government received N251.948 billion from the gross statutory revenue of N531.830 billion; the state governments received N127.791 billion and the Local Government Councils received N98.522 billion. Also, N30.881 billion was given to the relevant states as 13% derivation revenue and N22.689 billion was the collective total cost of revenue collection, transfers and refund to agencies. The Federal Government received N20.957 billion from VAT revenue of N150.230 billion.

The state governments received N69.857 billion; the Local Government Councils received N48.900 billion, while cost of revenue collection and transfers collectively had allocation of N10.516 billion. Balance in the Excess Crude Account (ECA) stood at $72.409 million as of 17th September 2020.

The session, which held virtual in Abuja, was chaired by Dr. Mahmud Isa-Dutse, Permanent Secretary, Federal Ministry of Finance. Meanwhile, the Office of the Accountant General of the Federation (OAGF) has commenced a comprehensive review of treasury forms and other accounting source documents in use in all Federal Ministries,Department and Agencies (MDAs).

The review is in exercise of the mandate of the Accountant General of the Federation (AGF) under FR.107 (n) to issue officially approved forms bearing treasury numbers for use in all MDAs to ensure uniformity, a statement by Director of Press, Henshaw Ogubike, stated. Already, the AGF, Ahmed Idris, has inaugurated an inter-ministerial committee to handle the review of the documents.


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