FG Gets ₦832 Billion, States, LGs Share ₦1.36 Trillion As FAAC Releases Allocations

Government Revenue Increased, VAT Fell

FAAC disclosed that the total gross revenue generated in September stood at ₦3.913 trillion.

Out of this amount, ₦131.758 billion was deducted as the cost of collecting the revenue, while ₦1.352 trillion went into transfers, refunds and savings.

Gross statutory revenue rose to ₦3.096 trillion in September from ₦2.850 trillion in August. This represents an increase of ₦246.384 billion.

However, gross VAT revenue dropped to ₦816.872 billion from ₦834.843 billion recorded in August, representing a decrease of ₦17.972 billion.

FAAC said revenue from Petroleum Profit Tax, Hydrocarbon Tax, petroleum royalties, import duty, Common External Tariff levies and excise duty increased significantly during the month.

However, collections from Company Income Tax, Capital Gains Tax, Stamp Duties, VAT, mineral royalties, gas-flaring penalties and fees, as well as other oil revenue, declined.

Despite the fall in VAT and some other revenue sources, the increase in statutory revenue helped raise the total amount shared by the three tiers of government in September.