Ndubuisi Francis in Abuja
The Federation Account Allocation Committee (FAAC) wednesday in Abuja shared a total of N635.826 billion as federal allocation for the month of November to the federal t, states and local government councils.
A communiqué issued after the FAAC meeting said the amount which is inclusive of Value Added Tax (VAT), Exchange Gain and Forex Equalisation, saw the federal government receiving N267.883 billion, representing 52.68 per cent; the states received N172.569 billion representing 26.72 per cent while local government councils got N129.972 billion, representing 20.60 per cent.
The sum of N49.124 billion went to oil producing states as 13 per cent derivation while cost of collection/transfers/FIRS refund was N16.277 billion.
The communiqué indicated that the gross revenue available from VAT for the month of November 2019 was N90.166 billion as against N104.910 billion distributed in the previous month of October , 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 FAAC was N635.826 billion, adding that as at November 19, 2019, the Excess Crude Account (ECA) stood at $324.968 million.
