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FAAC: FG, states, LGs share N693.529bn

The Federation Account Allocation Committee (FAAC) on Thursday in Abuja, shared a total of N693.529 billion to the three tiers of government for the month of September, 2019.

The N693.529 billion comprised revenue from Value Added Tax (VAT), Exchange Gain and Gross Statutory Revenue in the month.

A communiqué read by the Accountant General of the Federation (AGF) Mr Ahmed Idris, confirmed that the gross statutory revenue for the month of September was N599.701billion.

The amount was less than the N631.796 billion received in the previous month by N32.095 billion.

For the month, gross revenue of N92.874 billion was generated from VAT as against N88.082 billion distributed in the previous month, indicating an increase of N4.792 billion.

According to the communique, N0.954 billion was also realised from Exchange Gain for the month.

A breakdown of the allocation showed that from the total revenue of N693.529 billion shared, the Federal Government received N293.801 billion, the States received N186.816 billion, and the Local Government Council received N140.864 billion.

The Oil Producing States shared N51.532 billion as 13 per cent derivation, while the Revenue Generating Agencies received N20.517 billion as cost of revenue collection.

The communique also stated that in September 2019, revenue from Petroleum Profit Tax (PPT) and Company Income TAX (CIT) decreased while Royalties, Import and Excise Duties and Value Added Tax increased considerably.

However, the AGF said that as at Oct. 17, the balance in the Excess Crude Account was $323.692million.

Sunday Olatunji
Dele Fashomi, seasoned journalist and communication teacher, is a holder of Master of Arts degree in Communication and Language Arts from the University of Ibadan in 1992/93. Earlier, he had bagged a Bachelor degree from the same university in 1984, after which he proceeded to the Nigerian Institute of Journalism, Lagos, in 1990, for a postgraduate diploma in Journalism. He had done many courses in communication, including the EU-BBC Editing Course in 2002. Mr. Fashomi combines effectively the practice, research and teaching of communication. And to date, he has published two academic works in communication: Issues in Communication Technology and Policy (2010) and Economic and Social Issues in Advertising and PR (2013). He had his first break in the Nigerian media in Concord Newspapers in 1990 and today, he has over two and half decades experience earned in several newspapers. He has been part of many start-ups, such as The Republic (1987), The Comet (1999), The Anchor 2001 - 2002; Sun Newspapers (2003); Westerner newsmagazine (2005 - 2010) as Editor; National Life (2011) as Sunday Editor, and Newswatch Newspapers (2012- 2016) as Daily Editor. Dele Fashomi is now the Publisher/Editor-in-Chief of Newstide247.com newspaper online, which he started in July 2015. He is also into biography writing, with many books in his trail, some of which he wrote alone and one he co- authored with his mentor, Mr Dare Babarinsa, entitled:  Olabiyi Durojaiye - DARE TO BE DiFFERENT. He also guided and collaborated with Pa Olatunji Odusanya in writing his autobiography - AGAINST ALL ODDS. There are many other books in the works under his pen.
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