BY ONYEKA AJUMOBI ONOCHIE
The Federation Account Allocation Committee (FAAC), on Wednesday, shared a total of N635.826 billion as monthly allocation to the federal, state and local governments for November 2019.
The amount, inclusive of Value Added Tax (VAT), Exchange Gain and Forex Equalization, sees the federal government receiving N267.883 billion, representing 52.68%, while the states received N172.569 billion representing 26.72%, just as the local government councils received N129.972 billion, representing 20.60%. The oil producing states received N49.124 billion as 13% derivation mineral revenue. Cost of collection, transfers and Federal Inland Revenue (FIRS) refund stood at N16.277 billion.
A communique at the end of the committee’s meeting, 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 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, was lower than the N596.041billion received in the previous month by N104.166 billion.
The communiqué disclosed that revenues from Value Added Tax (VAT), Companies Income Tax (CIT), Royalties, Import duty, Petroleum Profit Tax (PPT) all decreased significantly, while Excise duty increased marginally.
However, the total revenue distributable for the current month (including VAT, Exchange Gain and Forex Equalization) stands at N635.826 billion, the communiqué said, adding that as at November 19th, 2019, the Excess Crude Account (ECA) was $324.968 million.