No Plan to Remove Fuel Subsidy Now — FG
Zainab-Ahmed Finance Minister

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 money accrued 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, showed that the gross statutory revenue dropped in the month of September to N599.701billion, as against N631.796 billion received in the previous month by N32.095 billion.

A breakdow of the revenue showed that VAT brought in N92.874 billion as against N88.082 billion distributed in August indicating an increase of N4.792 billion.

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N0.954 billion was realised from Exchange Gain for the month.

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.

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

Meanwhile, the communique 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.