Business

FAAC: FG, States, LG share N 635,826bn as November revenue

Nigeria’s economic recession will be short-lived- Finance Minister

 

The Federation Account Allocation Committee (FAAC), Wednesday, in Abuja at its meeting, shared to the Federal Government, States and Local Government Councils a sum total of N635.826 billion as federal allocation for the month of November 2019.

Out of this amount, inclusive of VAT, Exchange Gain and Forex Equalization, the Federal Government received N267.883 billion, representing 52.68%, the States received N172.569 billion representing 26.72%, Local Government Councils got N129.972 billion, representing 20.60%.

The oil producing states received N49.124 billion as 13% derivation mineral revenue. However, cost of collection/Transfers/ FIRS refund was N16.277 billion.

A communiqué issued at the end of the meeting, by the Federal Account Allocation Committee (FAAC), chaired by the permanent secretary of the Ministry of Finance, Alhaji Isa Dutse, indicated that the Gross Revenue available from the Value Added Tax (VAT) for November 2019 was N90.166 billion as against the N104.910 billion distributed in the previous month of October 2019, resulting in a decrease of N14.744 billion.

The distributed Statutory Revenue of N491.875 billion, according to the communiqué, received for the month of November was lower than the N596.041billion received in the previous month by N104.166 billion.

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

However, the total revenue distributable for the current month (including VAT, Exchange Gain and Forex Equalization) according to the committee is N635.826 billion, adding that as at November 19th, 2019, the Excess Crude Account (ECA) is $324.968 million.

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