Written by Godfrey AKON

FAAC shares N635.826bn to FG, States, LGs in November

A total sum of N635.826 billion has been disbursed to the three tiers of government by the Federation Account Allocation Committee, FAAC, as federal allocation for the month of November 2019.

A statement by the Director of Information at the Ministry of Finance, Budget and National Planning, Mr. Hassan Dodo, on Wednesday, said FAAC made the disbursement at its monthly meeting in Abuja.

A breakdown of the amount disbursed showed that the Federal Government received N267.883 billion, representing 52.68 per cent, the States received N172.569 billion representing 26.72 per cent, Local Government Councils got N129.972 billion, representing 20.60 per cent.

Oil-producing states received N49.124 billion as 13 per cent derivation mineral revenue. However, cost of collection/Transfers/FIRS refund was N16.277 billion.

This amount, the statement said, was inclusive of value added tax, VAT, Exchange Gain and Forex Equalization.

The statement quoted a communiqué issued at the end of the meeting, by FAAC, as indicating that the Gross Revenue available from the Value Added Tax, VAT, for November 2019 was N90.166 billion as against the N104.910 billion distributed in the previous month of October 2019, resulting in a decrease of N14.744 billion.

“The distributed Statutory Revenue of N491.875 billion according to the communiqué received for the month of November was lower than the N596.041billion received in the previous month by N104.166 billion.

“The communiqué further disclosed that, revenues from Value Added Tax (VAT), Companies Income Tax (CIT), Royalties, Import duty, Petroleum Profit Tax (PPT) all decreased significantly, while Excess duty increased marginally.

“However, the total revenue distributable for the current month (including VAT, Exchange Gain and Forex Equalization) according to the committee is N635.826 billion, adding that as at November 19th, 2019, the Excess Crude Account (ECA) is $324.968 million,” it read.

 

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