Wednesday, April 17, 2024

FG, states, local governments shared N902 billion in November: FAAC

The Excess Crude Account (ECA) balance, as of December 15, stood at $473,754.57.

• December 16, 2022
Nigeria Governors and Buhari
Nigeria Governors and President Muhammadu Buhari

The Federation Account Allocation Committee (FAAC) says N902.053 billion was shared with the three tiers of government as federal allocation in November.

This is contained in a statement issued by Phil Abiamuwe-Mowete, the spokesperson for the Ministry of Finance, Budget and National Planning, on Thursday.

From N902.053 billion, the federal government received N358.515 billion, the states received N270.836 billion, and the local government councils received N204.130 billion.

Meanwhile, the oil-producing states received N68.572 billion as a derivation fund (13 per cent of mineral revenue).

The N902.053 billion includes gross statutory revenue, value-added tax (VAT), Exchange Gain and Electronic Money Transfer Levies (EMTL).

The communiqué issued indicated that the gross revenue from the November VAT was N202.839 billion, a decrease from what was distributed in the preceding month. 

“The distribution is as follows, the federal government got N30.426 billion, the states received N101.420 billion, and local government councils got N70.994 billion. The gross statutory revenue of N681.079 billion distributed was higher than the sum received in the previous month,” said the FAAC statement.

It added, “From which the federal government was allocated the sum of N323.094 billion, states got N163.878 billion, LGCs got N126.343 billion, and oil derivation (13 per cent Mineral Revenue) got N67.765 billion. Also, the sum of N10.971 billion from the Electronic Money Transfer Levies (EMTL) was distributed to the three tiers of government as follows: the federal government received N1.646 billion, states got N5.485 billion, local government councils received N3.840 billion.”

The communiqué further disclosed that out of the N7.164 billion from exchange gain, the federal government received N3.349 billion, states received N1.699 billion, LGs received N1.309 billion, and the derivation fund amounted to N0.807 billion.

The oil and gas royalties and petroleum profit tax recorded significant increases, while import and excise duties increased marginally, it said. However, VAT and companies income tax decreased considerably.

The communiqué added that the total revenue for November was drawn from the statutory revenue of N681.079 billion, VAT of N202.839 billion, exchange gain of N7.164 billion, and N10.971 billion from EMTL bringing the total to N902.053 billion.

However, the Excess Crude Account (ECA) balance, as of December 15, stood at $473,754.57. 

(NAN)

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