The Federation Accounts Allocation Committee (FAAC) has shared a total of N671.910 billion October 2021 federation account revenue to the Federal, States and Local Governments Councils.
This was contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for November, 2021 held in Lagos State.
The N671.910 billion total distributable revenue comprised Distributable Statutory Revenue of N363.849 billion, Distributable Value Added Tax (VAT) revenue of N154.844 billion, Exchange Gain of N3.217 billion and N150 billion augmentation from the Non-Mineral Revenue.
In October 2021, the sum of N24.591 billion was the total deduction for cost of collection and N30.864 billion was total deduction for statutory transfers, savings and refunds. The balance in the Excess Crude Account (ECA) was $60.860 million.
The communiqué confirmed that from the total Distributable Revenue of N671.910 billion, the Federal Government received N284.292 billion, the State Governments received N209.838 billion, and the Local Government Councils received N156.282 billion. The sum of N21.498 billion was shared to the relevant States as 13% derivation revenue.
The distributable Statutory Revenue of N363.849 billion was available for the month. From this amount, the Federal Government received N180.551 billion, the State Governments received N91.578 billion and the Local Government Councils received N70.603 billion. The sum of N21.118 billion was shared to the relevant States as 13% derivation revenue.
In October 2021, the gross revenue available from the Value Added Tax (VAT) was N166.284 billion. This was lower than the N170.850 billion available in the month of September 2021 by N4.566 billion.
The sum of N4.789 billion allocation to NEDC and N6.651 billion cost of revenue collection were deducted from the N166.284 billion gross Value Added Tax (VAT) revenue, resulting in the distributable Value Added Tax (VAT) revenue of N154.844 billion.
From the N154.844 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N23.227 billion, the State Governments received N77.422 billion and the Local Government Councils received N54.195 billion.
The Federal Government received N1.495 billion from the total Exchange Gain revenue of N3.217 billion. The State Governments received N0.758 billion, the Local Government Councils received N0.584 billion and N0.380 billion was shared to the relevant States as 13% derivation revenue.
The Federal Government received N79.020 billion, the State Governments received N40.080 billion and the Local Government Councils received N30.900 billion from the N150 billion augmentation from the Non-Oil Mineral Revenue.
According to the communiqué, in the month of October 2021, Petroleum Profit Tax (PPT), Oil and Gas Royalties and Companies Income Tax (CIT) decreased considerably. There was a slight decline in Value Added Tax (VAT) while Import Duty and Excise Duty increased marginally.
