Economy

FG, States, Councils Share N635.826b

The Federation Account Allocation Committee (FAAC), on Wednesday in Abuja at its meeting, shared to the Federal Government, States and Local Government Councils a sum total of N635.826 billion as federal allocation for the month of November 2019.
This amount, inclusive of VAT, Exchange Gain and ForexEqualization, the Federal Government received N267.883 billion, representing 52.68%, the States received N172.569 billion representing 26.72%, Local Government Councils got N129.972 billion, representing 20.60%, while the oil producing states received N49.124 billion as 13% derivation mineral revenue. However, cost of collection/Transfers/ FIRS refund was N16.277 billion.
In a communiqué issued at the end of the meeting, by the Federal Account Allocation Committee (FAAC), indicated 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 ForexEqualization) according to the committee is N635.826 billion, adding that as at November 19th, 2019, the ExcessCrude Account (ECA) is $324.968 million.

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