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FAAC: Revenue dwindles as FG, states, LGs share N635.826bn for November

The Federation Account Allocation Committee (FAAC) has shared to the Federal Government, States and Local Government Councils a total of N635.826 billion as federal allocation…

The Federation Account Allocation Committee (FAAC) has shared to the Federal Government, States and Local Government Councils a total of N635.826 billion as federal allocation for the month of November 2019.

This amount, which was shared at the FAAC meeting in Abuja yesterday, N66.232bn less than N702.058 shared for October this year.

The amount was inclusive of VAT, Exchange Gain and Forex Equalization, according to FAAC.

The FG received N267.883bn, representing 52.68%, the states received N172.569bn representing 26.72%, local government councils got N129.972bn, representing 20.60%, while the oil producing states received N49.124bn as 13% derivation mineral revenue.

However, cost of collection/Transfers/ Federal Inland Revenue Service (FIRS) refund was N16.277bn.

In a communiqué issued at the end of the meeting by FAAC, it was indicated that the Gross Revenue available from the Value Added Tax (VAT) for November 2019 was N90.166bn as against the N104.910bn distributed in the previous month of October 2019, resulting in a decrease of N14.744bn.

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.

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