FAAC shares N635.826bn for November 2019

The Federation Accounts Allocation Committee (FAAC) has shared a total of N635.826 billion to the three tiers of government for November 2019.

This was announced at the FAAC meeting chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Dr. Mahmoud Isa-Dutse.

The N635.826 billion was the total of revenues from the Statutory Revenue, Value Added Tax (VAT), Exchange Gain and Forex Equalization.

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

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 N90.166 billion as against N104.910 billion distributed in the preceding month, resulting in a decrease of N14.744 billion. Exchange Gain revenue was N0.785 billion and the Forex Equalization yielded N53 billion.

A communique 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.

A breakdown of the distribution showed that from the gross statutory revenue of N491.875 billion, the 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 Equalization 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.