FAAC: FG, States, LG Share N600.1bn in November

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By Ndubuisi Francis

The Federation Accounts Allocation Committee (FAAC) yesterday distributed a total of N601.110 billion to the federal, states and local governments and relevant agencies for the month of November.

The shared amount is about N3 billion less than the N600 billion shared by the three tiers of government in the preceding month of October.

The revenue sharing followed a FAAC meeting in Abuja chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Alhaji Aliyu Ahmed.

The total distributable revenue of N601.110 billion comprised statutory revenue of N436.457 billion; Value Added Tax (VAT) revenue of N156.786 billion and augmentation of N7.867 billion from the Forex Equalisation revenue.

The gross statutory revenue of N436.457 billion available for the month of November 2020 was higher than the N378.148 billion received in the previous month by N58.309 billion.

The gross revenue of N156.786 billion available from the Value Added Tax (VAT) was also higher than the N126.463 billion available in the previous month by N30.323 billion.

A communiqué issued by FAAC indicated that from the total distributable revenue of N601.110 billion, the federal government received N215.600 billion, states received N171.167 billion while the local government councils received N126.789 billion.

The relevant states received N31.392 billion as 13 per cent mineral revenue, while cost of collection, transfers and refunds got N56.162 billion.

In the same vein, the federal government received N190.122 billion from the gross statutory revenue of N436.457 billion; state governments received N96.433 billion while the local councils received N74.345 billion. The sum of N30.370 billion was given to the relevant states as 13 per cent mineral revenue.

A total of N45.187 billion was for cost of collection, transfers and refunds.

For Value Added Tax (VAT), the federal government received N21.872 billion from the revenue of N156.786 billion generated during the month of November

States received N72.906 billion, local Councils received N51.034 billion, while cost of collection, transfers and refunds accounted for N10.975 billion.

From the N7.867 billion augmentation from the Forex Equalisation revenue, the federal government received N3.606 billion, the state governments received N1.829 billion, the local councils received N1.410 billion and the relevant states received N1.022 billion as 13 per cent mineral revenue.

Petroleum Profit Tax (PPT), Import Duty, Excise Duty, Value Added Tax(VAT) and Oil and Gas Royalty decreased substantially; while Companies Income Tax (CIT) recorded a sharp drop.

A cording to the communique, the balance in the Excess Crude Account (ECA) as at December 16, 2020 stood at $72.411
million.