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FAAC Shares N675.946 Billion To FG, States, LGs

FAAC:
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December 18, (THEWILL) – The Federal Account Allocation Committee (FAAC), on Friday shared N675.946 billion among the Federal and States governments along with the local councils for the month of November, 2021.

The total distributable revenue of N675.946 billion comprised distributable statutory revenue of N488.674 billion, distributable Value Added Tax (VAT) revenue of N182.678 billion, Exchange Gain of N4.156 billion and recovered excess bank charges of N0.438 billion.

Acting Director, Information, Ministry of Finance, Budget and National Planning, Olajide Oshundun, said the revenue allocation was effected at a virtual FAAC meeting chaired by the Permanent Secretary in the ministry, Aliyu Ahmed.

A communiqué issued at the end of a virtual meeting confirmed that from the total distributable revenue of N675.946 billion, the federal government received N261.441 billion, state governments received N210. 046 billion and the local government councils, N155.456 billion.

The sum of N49.003 billion was shared to the relevant states as 13 percent derivation revenue.

According to the communique, total deductions for cost of collection in November was N30.957 billion while total deductions for statutory transfers, refunds and savings stood at N136.908 billion.

Also, in the month of November 2021, the gross revenue available as VAT was N196.175 billion, higher than the N166.284 billion available in the preceding month of October by N29.891billion.

The sum of N5.650 billion was also allocated to North East Development Commission (NEDC) while N7.847 billion cost of collection was deducted from the N196.175 billion gross VAT revenue, resulting in the distributable VAT revenue of N182.678 billion

From the amount, the federal government received N27.402 billion, state governments received N91.339 billion while the local government councils got N63.937 billion.

Similarly, the federal government received N1.946 billion from the total Exchange Gain revenue of N4.156 billion; states received N0.986 billion, the local councils received N0.761 billion while N0.463 billion was shared to the relevant states as 13 percent derivation revenue.

Also, the sum of N0.438 billion recovered excess bank charges saw the federal government receiving N0.231 billion, states (N0.117 billion), and the local councils, N0.090 billion.

In the month of November, Petroleum Profit Tax (PPT), Oil and Gas Royalties, Companies Income Tax (CIT) and VAT, increased remarkably, as well as Import and Excise Duty increased marginally.

The communique stated that the balance in the Excess Crude Account (ECA) stands at $35.365 million.