GOVERANCE

FAAC: FG, States, LGs Share N675.9bn For November As Allocation Rises

 

The Federal Accounts Allocation Committee (FAAC) on Friday shared a total sum of N675.946 billion to the Federal, States and Local Government Councils from the federation account for the month of November.

This represents N4.036 billion or 0.6% increase when compared to the N671.910 billion that was shared last month for the month of October.

This disclosure is contained in a statement issued by the Acting Director, Information, Federal Ministry of Finance, Budget and National Planning, Mr Olajide Oshundun, on Saturday in Abuja.

 

Oshundun stated that the total distributable revenue of N675.946 billion revenue comprised distributable statutory revenue of N488.674 billion, distributable Value Added Tax (VAT) revenue of N182.678 billion, Exchange Gain of N4.156 billion and recovered excess bank charges of N0.438 billion.

According to NAN, he said from the total distributable revenue, the Federal Government received N261.441 billion of the money, while states and local councils got N210.046 billion and N155.456 billion, respectively.

An additional sum of N49.003 was shared to the relevant oil-producing states as 13% derivation revenue adding that the VAT revenue collected in November was N196.175 billion as against N166.284 billion in October, showing an increase of N29.891 billion.

Oshundun pointed out that from the VAT revenue, the Federal Government got N27.402 billion, while states and local councils received N91.339 billion, and N63.937 billion, respectively.

The Federal Inland Revenue Service, the Nigerian Customs Service and the Nigerian Upstream Petroleum Regulatory Commission got N7.847 billion as cost of revenue collection which was deducted from the N196.175 billion gross VAT revenue while the North East Development Commission project received N5.650 billion.

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He stated that statutory revenue of N643.481 billion distributed in November was higher than the N407.864 billion received in October by N235.617 billion, from which the Federal Government got N231.863 billion.

He explained that states got N117.604 billion; local councils got N90.668 billion, derivation (13 per cent mineral revenue) got N48.540 billion, cost of collection N23.110 billion, while transfers and refunds were N131.258 billion.

He added that VAT, Petroleum Profit Tax, oil and gas royalties, and Companies Income Tax increased remarkably in November, while Import and Excise Duties increased marginally.

Oshundun stated that the revenue allocation was effected at a virtual Federation Accounts Allocation Committee meeting chaired by the Permanent Secretary in the ministry, Mr Aliyu Ahmed.

Recall NewsBeatng reported that in November, the Federal Government, States and Local Government Councils shared the sum of N671.910 billion from the federation account during the FAAC meeting, for the month of October.

The amount distributed was inclusive of Value Added Tax (VAT), augmentations, exchange gain and non-oil mineral revenue. The FG received N284.292 billion, states N209.838 billion and LGCs N156.282 billion.

 

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