FG, states, councils share N635.826bn from federation account

The Federation Accounts Allocation Committee (FAAC) on Wednesday shared N635.826 billion to the three tiers of government for the month of November 2019.

Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Mahmoud Isa-Dutse, who briefed the press after the meeting said the N635.826 billion was the total of revenues from the statutory revenue, value-added tax (VAT), exchange gain and forex equalisation.

The gross statutory revenue for the month of November 2019 was N491.875billion. It was lower than the N596.041 billion received in the previous month by N104.166 billion. Revenue from the Value Added Tax (VAT) was N 90.166 billion as against N 104.910 billion distributed in the preceding month, resulting in a decrease of N14.744 billion. Exchange Gain revenue was N0.785 billion and the Forex Equalisation yielded N53 billion.

A communique issued by the Federation Account Allocation Committee (FAAC) indicated that from the total revenue of N635.826 billion, the Federal Government received N267.883 billion, the States received N172.569 billion, and the Local Government Councils received N129.972 billion. The Oil Producing States received N49.124 billion as 13% derivation revenue and the Revenue Generating Agencies received N16.277 billion as cost of revenue collection.

Of the gross statutory revenue of N491.875 billion, Federal Government received N230.243 billion, the States received N116.782 billion, the Local Government Councils received N90.034 billion, the Oil Producing States received N42.144 billion as 13% derivation revenue and the Revenue Collecting Agencies received N12.671 billion as cost of revenue collection.

From the Value Added Tax (VAT) revenue of N90.166 billion, the Federal Government received N12.984 billion, the States received N43.280 billion, the Local Government Councils received N30.296 billion and the Revenue Collecting Agencies received N3.606 billion.

From the Forex Equalisation revenue of N53 billion, the Federal Government received N24.290 billion, the States received N12.321 billion, the Local Government Councils received N9.499 billion and the Oil Producing States received N6.890 billion as 13% derivation revenue.

The communique confirmed that for the month of November 2019, revenues from Companies Income Tax(CIT), Value Added Tax (VAT), import duty, Royalties, Petroleum Profit Tax (PPT) all decreased significantly, while Excise Duty increased marginally.

The FAAC announced that as at 18th December 2019, the balance in the Excess Crude Account was $ 324.539 million.

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