The Federation Accounts Allocation Committee (FAAC), on Wednesday after the end of its meeting chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Alhaji Aliyu Ahmed, disclosed that the three tiers of government shared a total sum of N601.110 billion from the federation account revenue accruals in November, 2020.
Out of the distributions, inclusive cost of collection to NCS, DPR and FIRS, the Federal Government received N215.600 billion, the states got N171.167 billion, local governments received N126.789 billion while the oil producing states received N31.392 billion as derivation (13% of Mineral Revenue) and Cost of Collection/Transfer and Refunds got N56.162 billion.
The communiqué issued by the committee at the end of the meeting, indicated that the gross revenue that accrued from the Value Added Tax (VAT) for the month totalled was N156.786 billion, representing about N30.323 billion more than the N126.463 billion distributed in the preceding month of October,
The FAAC stated that from the VAT collections, the Federal Government got N21.872 billion, the states
received N72.906 billion, while the local governments got N51.034 billion and that the on the cost of
Collection, the FIRS and NCS got N6.271 billion and allocation to NEDC project received 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 which the Federal Government received N190.122 billon, the states, N96.433 billion; local governments, N74.345 billion; Mineral producing states (13% Derivation), N30.370 billion; and Cost of Collection/ Transfer and Refund totaled N45.187 billion.
The communiqué also indicated that Oil and Gas Royalty, Import Duty, Excise Duty, Value Added Tax (VAT), and Petroleum Profit Tax (PPT) increased substantially while Companies Income Tax (CIT) recorded a sharp drop.
It further stated that total revenue distributable for the current month was augmented with the sum of N7.867 billion drawn from Forex Equalization Account.
The FAAC confirmed that the outstanding balance in the Excess Crude Account (ECA) as at the date of the meeting totaled $72.411 million.
