FAAC Shares N675.946bn, with N196.175bn of it from VAT, to three tiers of government  for November

19 Dec FAAC Shares N675.946bn, with N196.175bn of it from VAT, to three tiers of government  for November

The Federation Accounts Allocation Committee (FAAC) has shared a total of N675.946 billion to the federal government, states, and local government councils as the Federation Account revenue for November.

Mr Olajide Oshundun, Acting Director, Information, Ministry of Finance, Budget and National Planning stated on Saturday that the federal government received N261.441 billion of the money, while states and local councils got N210.046 billion and N155.456 billion, respectively.

Oil-producing states received an additional N49.003 billion as a 13 per cent derivation fund.

Total VAT revenue collected in November was N196.175 billion as against N166.284 billion in October, showing an increase of N29.891 billion.

From the VAT revenue, the federal government got N27.402 billion, while states and local councils received N91.339 billion, and N63.937 billion, respectively.

The Federal Inland Revenue Service, the Nigerian Customs Service and the Nigerian Upstream Petroleum Regulatory Commission got N7.847 billion as cost of revenue collection while the North East Development Commission project received N5.650 billion.

Oshundun stated that statutory revenue of N643.481 billion distributed in November was higher than the N407.864 billion received in October by N235.617 billion, from which the federal government got N231.863 billion.

He explained that states got N117.604 billion; local councils got N90.668 billion, derivation (13 per cent mineral revenue) got N48.540 billion, cost of collection N23.110 billion, while transfers and refunds were N131.258 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 N488.674 billion, VAT of N182.678 billion, exchange gain of N4.156 billion and excess bank charges recovery of N0.438 billion, brought total distributable revenue to N675.946 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. (NAN)