TheCable

The Federal Accounts Allocation Committee (FAAC) shared N601.110 billion to federal government, states and local government councils (LGCs) as federation account revenue for November 2020.

This was disclosed in a statement by Aliyu Ahmed, permanent secretary, ministry of finance, budget and national planning, at the end of FAAC meeting in Abuja on Wednesday.

The total federal allocation shared among the three tiers of government for November indicates a decline of N2.894 billion (0.48 percent) as against the N604.004 billion shared for October 2020.

In a communique issued by FAAC, from the total distributable revenue of N601.110 billion, the federal government received N215.600 billion; states received N171.167 billion; and LGCs got N126.789 billion.

For Niger Delta oil producing states, it showed that 13 percent derivations summed up to N31.392 billion, while the cost of collection, transfer and refund was N56.162 billion.

Meanwhile, value added tax (VAT) revenue amounted to N156.786 billion as against the N126.463 billion distributed in October, indicating an increase of N30.323 billion.

From VAT, “the distribution is as follows: federal government got N21.872 billion; the states received N72.906 billion; LGCs got N51.034 billion,” the communique read.

“Cost of collection– Federal Inland Revenue Service (FIRS) and Nigeria Customs Service (NCS) was N6.271 billion; and allocation to the North-East Development Commission (NEDC) project amounted to N4.704 billion.

“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 percent derivation from mineral revenue amounted to N30.370 billion and cost of collection, transfer and refund got N45.187 billion.”

However, from the N7.87 billion augmentation of forex equalisation revenue, the federal government received N3.61 billion, states received N1.83 billion, LGCs received N1.41 billion and 13 percent derivation from mineral revenue was N1.02 billion.

FAAC further said the balance in excess crude account currently stands at $72.411 million as of December 2016.

It further said 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.