FAAC Shares ₦675.9 Billion To FG, States, Councils
Minister of Finance, Budget and National Planning, Dr Zainab Ahmed
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The Federal Account Allocation Committee (FAAC) on Friday shared ₦675.946 billion among the Federal and states governments and the local councils for November.

Mr Olajide Oshundun, Acting Director, Information, Ministry of Finance, Budget and National Planning stated this on Saturday in Abuja.

The Federal Government received N261.441 billion of the money, states got ₦210.046 billion while local councils got ₦155.456 billion.

Oil-producing states received additional ₦49.003 billion as 13 per cent derivation fund.

Total VAT revenue collected in November was ₦196.175 billion as against N166.284 billion in October, showing an increase of ₦29.891 billion.

Read Also: FAAC September: State, Federal Revenue Falls By ₦43 Billion

From the VAT revenue, the Federal Government got N27.402 billion, while states and local councils received ₦91.339 billion, and ₦63.937 billion, respectively.

The Federal Inland Revenue Service, the Nigerian Customs Service and the Nigerian Upstream Petroleum Regulatory Commission got ₦7.847 billion as cost of revenue collection while the North East Development Commission project received N5.650 billion.

Oshundun stated that statutory revenue of ₦643.481 billion distributed in November was higher than the N407.864 billion received in October by ₦235.617 billion, from which the Federal Government got N231.863 billon.

He explained that states got ₦117.604 billion; local councils got ₦90.668 billion, derivation (13 per cent mineral revenue) got ₦48.540 billion, cost of collection N23.110 billion, while transfers and refunds were ₦131.258 billion.

He added that VAT, Petroleum Profit Tax, oil and gas royalties, and Companies Income Tax increased remarkably in November, while Import and Excise Duties increased marginally.

Aggregating the revenue collected, Oshundun stated that distributable statutory revenue of ₦488.674 billion, VAT of N182.678 billion, exchange gain of ₦4.156 billion and excess bank charges recovery of ₦0.438 billion, brought total distributable revenue to ₦675.946 billion.

Oshundun stated that the revenue allocation was effected at a virtual Federation Accounts Allocation Committee meeting chaired by the Permanent Secretary in the ministry, Mr Aliyu Ahmed.

 

AFRICA TODAY NEWS, NEW YORK

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