The Federation Accounts Allocation Committee (FAAC), Wednesday at its meeting chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Alh. Aliyu Ahmed, shared to the three tiers of government, a total sum of N601.110 billion as federation allocation for the month of November, 2020.
From this amount, inclusive of cost of collection to Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and Federal Inland Revenue Service (FIRS), the Federal Government received N215.600 billion, while the states received N171.167 billion, even as the Local Government councils got N126.789 billion. The oil producing states received N31.392 billion as 13% derivation revenue while cost of collection/transfer and refunds stands at N56.162 billion.
The communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting, indicated that the Gross Revenue available from the Value Added Tax (VAT) for November, 2020 was N156.786 billion as against N126.463 billion distributed in the preceding month of October, 2020, resulting in an increase of N30.323 billion. The distribution is as follows: Federal Government – N21.872 billion, the states – N72.906 billion, Local Government Councils – N51.034 billion, while Cost of Collection to FIRS and NCS stands at N6.271 billion, just as allocation to NEDC project received N4.704 billion.
The distributed Statutory Revenue of N436.457 billion received for the month was higher than the N378.148 billion received for the previous month by N58.309 billion, from which the Federal Government received N190.122 billon, states – N96.433 billion, LGCs – N74.345 billion, 13% Derivation Revenue – N30.370 billion, even as collection/ transfer and refund stands at N45.187 billion.
The communique also revealed that Oil and Gas Royalty, Import Duty, Excise Duty, Value Added Tax (VAT), and Petroleum Profit Tax (PPT) increased substantially while Companies Income Tax (CIT) recorded a sharp drop.
The communiqué, however disclosed that total revenue distributable for the current month was augmented with the sum of N7.867 billion drawn from Forex Equalisation Account, while the balance in the Excess Crude Account as at 16th December, 2020 stands at $72.411 million.
- Tags: FAAC, Dr. Zainab Shamsuna Ahmed, Alh. Aliyu Ahmed