By G9ija

VAT

The Federation Accounts Allocation Committee (FAAC), meeting has distributed the sum of N671.910 billion among the federal, states and local governments, amidst significant declines in the various tax revenues.

The Acting Director (Information) of the Federal Ministry of Finance, Budget and National Planning, Mr. Oshundun Olajide, in a statement yesterday said, out of the total amount, the Federal Government received N284.292 billion, the States received N209.838 billion, the Local Government Councils got N156.282 billion while the oil producing states received N21.498 billion as derivation (13% of Mineral Revenue).

The communique issued at the end of the FAAC meeting, indicated that the Gross Revenue available from the Value Added Tax (VAT) for October, 2021 was N166.284 billion as against  N170.850 billion distributed in the preceding month of September, 2021, resulting in a decrease of N4.566 billion.

The distribution is as follows; Federal Government got N23.227 billion, the States received N77.422 billion, Local Government Councils got N54.195 billion, Transfers and Refunds received N4.789 and Cost of Collection got N6.651 billion.

The distributed Statutory Revenue of  N407.864 billion received for the month was lower than the N692.283 billion received for the previous month by N284.419 billion, from which the Federal government received N180.551 billion, States got N91.578 billion, LGCs got N70.603 billion, Derivation (13% Mineral Revenue) got N21.118 billion, Cost of Collection received N17.940 billion and Transfers and Refunds got N26.075 billion.

The Communiqué also disclosed the Augmentations of N100 billion as the Federal Government received N52.680 billion, State Governments got N26.720 billion, LGCs received N20.600 billion.

The communique also revealed that Companies Income Tax (CIT), Petroleum Profit Tax (PPT), and Oil and Gas Royalties decreased considerably. There was a slight decline in Value Added Tax (VAT), while Import and Excise Duty, increased marginally.

The  communiqué, however, disclosed that total revenue distributable for the current month inclusive of Gross Statutory Revenue of N363.849 billion, Value Added Tax (VAT) of N154.849 billion, and Exchange Gain of N3.217 billion, Augmentations of N100 billion and N50 billion from Non-Oil Mineral Revenue bringing the total distributable revenue to N671.910 billion.

The balance of Excess Crude Account (ECA) stood at $60.860 million, as at yesterday.