TheCable

A total sum of N675.946 billion has been shared by the three tiers of government as revenue from the federation account allocation committee (FAAC).

This is the revenue from November disbursed in December.

This figure is N4.036 billion higher than the allocation distributed in November.

This was contained in a communiqué issued at the end of a virtual FAAC meeting for December 2021.

According to the communiqué, the total distributable revenue of N675.946 billion comprised distributable statutory revenue of N488.674 billion, distributable value added tax (VAT) revenue of N182.678 billion, exchange gain of N4.156 billion and recovered excess bank charges of N0.438 billion.

The federal government received N261.441 billion of the money, while states and local councils got N210.046 billion and N155.456 billion, respectively.

It added that oil-producing states received N49.003 billion as a 13 percent derivation of mineral revenue.

According to the communiqué, total deductions for cost of collection in November was N30.957 billion, while total deductions for statutory transfers, refunds and savings stood at N136.908 billion.

The total VAT revenue collected in November was N196.175 billion as against N166.284 billion in October, showing an increase of N29.891 billion.

The sum of N5.650 billion allocation to the North East Development Commission (NEDC) and N7.847 billion cost of collection were deducted from the N196.175 billion gross VAT revenue, resulting in the distributable VAT revenue of N182.678 billion.

From the N182.678 billion distributable VAT revenue, the federal government received N27.402 billion, the state governments received N91.339 billion and the local government councils received N63.937 billion.

Also, the federal government received N1.946 billion from the total exchange gain revenue of N4.156 billion; states received N0.986 billion; local councils received N0.761 billion, while N0.463 billion was shared to the relevant states as 13 percent derivation revenue.

A sum of NN488.674 billion was distributed as statutory revenue.

From this amount, the federal government received N231.863 billion; the state governments received N117.604 billion and the local government councils received N90.668 billion, while N48.540 billion was shared to the relevant states as 13% derivation revenue.

The communiqué also disclosed that the federal government received N0.231billion, the state governments received N0.117billion and the local government councils received N0.090 billion from the N0.438 billion excess bank charges recovered.

According to the communiqué, petroleum profit tax (PPT), oil and gas royalties, companies income tax (CIT) and VAT), increased remarkably in November, while import and excise duty increased marginally.

FAAC said the balance in the excess crude account stands at $35.365 million.