Nigeria recorded a shortfall of N3.660 Billion in distributable statutory revenue as the total generated under the classification amounted to N596.041 billion in October, lower than N599.70 billion received in September, 2019.

Although, no official explanation was given for the shortfall, it may not be unconnected with the growing harsh economic conditions affecting businesses in the country.

However, Federal Account Allocation Committee (FAAC), Wednesday in Abuja at its meeting, shared to the Federal Government, States and Local Government Councils a sum total of N702.058 billion as federal allocation for the month of October 2019.

From this amount, inclusive of VAT, Exchange Gain and Solid Minerals Revenue, the Federal Government received N295.737billon, representing 52.68%, the States received N192.697 billion representing 26.72%, Local Government Councils got N144.987 billion, representing 20.60%, while the oil producing states received N49.164 billion as 13 per cent derivation revenue.

However, cost of collection/Transfers/ FIRS refund was N19.472 billion, according to a statement by the Director of Press, Hassan Dodo, after the meeting.

A communiqué issued by the Federal Account Allocation Committee (FAAC), at the end of the meeting, indicated that the Gross Revenue available from the Value Added Tax (VAT) for October 2019 was N104.910 billion as against the N92.874 billion distributed in the previous month of September 2019, resulting in an increase of N12.036 billion.

The distributed Statutory Revenue of N596.041 billion according to the communiqué received for the month of October was lower than the N599.701billion received in the previous month by N3.660 billion.

The communiqué further disclosed that, revenues from Value Added Tax (VAT), Companies Income Tax ( CIT) and Import duty increased remarkably, while Royalties, Petroleum Profit Tax (PPT) and Excess duty  decreased significantly.

However, the total revenue distributable for the current month (including VAT and Exchange Gain) according to the committee is N702,058 billion, adding that as at November 19th, 2019, the Excess Crude Account (ECA) is $324.036 million.