Home Economy FG, States, LGCs shared N601bn as FAAC allocation for November

FG, States, LGCs shared N601bn as FAAC allocation for November

by Business News Report

The Federal Government, States and Local Government Councils shared the sum of N601.110 billion as federation allocation for  November. Mr Aliyu Ahmed, Permanent Secretary, Ministry of Finance, Budget and National Planning said this in a statement at the end of the Federation Accounts Allocation Committee (FAAC) meeting in Abuja. The Perm Sec stated that the total amount shared “represented” the cost of collection to Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR), and the Federal Inland Revenue Service (FIRS). He said the three tiers of government shared the revenue as follows:

For the Niger Delta oil-producing states, the 13% derivations summed up to N31.392 billion, while the Cost of Collection/Transfer and Refund was N56.162 billion. Gross revenue from the Value Added Tax (VAT) for November amounted to N156.786 billion, as against the N126,463 billion distributed in October, indicating an increase of N30.323 billion. “The distribution is as follows; Federal Government got N21.872 billion, the states received N72.906 billion, Local Government Councils got N51.034 billion, while Cost of Collection – FIRS and NCS was N6.271 billion and Allocation to the NEDC project amounted to N4.704 billion,” according to communique issued by the committee. “The distributed Statutory Revenue of  N436.457 billion received for the month, was higher than the N378.148 billion received for the previous month by N58.309 billion.

“From the total, the Federal Government received N190.122 billion, states got N96.433 billion, LGCs got N74.345 billion, while the 13 per cent Derivation from Mineral Revenue amounted to N30.370 billion and Cost of Collection/ Transfer and Refund got N45.187 billion.”

The Excess Crude account currently stands at $72.411 million. The communique also revealed that Oil and Gas Royalty, Import Duty, Excise Duty, VAT, and Petroleum Profit Tax (PPT) increased substantially, while Companies Income Tax (CIT) recorded a sharp drop.

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