FAAC shares N601.1bn to FG, States, LGs

By Brangyet Kabien

The Federation Accounts Allocation Committee (FAAC) Wednesday, shared a total of N601.110 billion as November 2020 federation revenue to the Federal, States, Local Government Councils and agencies.

This was disclosed after the FAAC meeting chaired by the Permanent Secretary, Federal Ministry of Finance, Alhaji Aliyu Ahmed in Abuja.

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, the State Governments received N171.167 billion and the Local Government Councils received N126.789 billion.

The relevant States received N31.392 billion as 13% mineral revenue, while cost of collection, transfers and refunds had allocation of N56.162 billion.

The Federal Government received N190.122 billion from the gross statutory revenue of N436.457 billion; the State Governments received N96.433 billion and the Local Government Councils received N74.345 billion. N30.370 billion was given to the relevant States as 13% mineral revenue and N45.187 billion was the total for cost of collection, transfers and refunds.

The Federal Government received N21.872 billion from the Value Added Tax (VAT) revenue of N156.786 billion. The State Governments received N72.906 billion; the Local Government Councils received N51.034 billion, while cost of collection, transfers and refunds had allocation of 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 Government Councils received N1.410 billion and the relevant States received N1.022 billion as 13% mineral revenue.

In the period, 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.

The balance in the Excess Crude Account (ECA) as at 16th December, 2020 was $72.411 million.