Home BUSINESS BANKING & FINANCE Federal, States, Local Govts Share N601.110 Billion Federation Account For November

Federal, States, Local Govts Share N601.110 Billion Federation Account For November

Federation Accounts Allocation Committee (FAAC) has shared a total of N601.110 billion November 2020 federation account revenue to the Federal, States and Local Government Councils and agencies.

According to a statement from the Office of Accountant General of the Federation (OAGF), the N601.110 billion comprised statutory revenue of N436.457 billion; Value Added Tax (VAT) revenue of N156.786 billion and augmentation of N7.867 billion from the Forex Equalisation revenue.

Gross statutory revenue of N436.457 billion available for the month of November 2020 was higher than the N378.148 billion received in the previous month by N58.309 billion.

The gross revenue of N156.786 billion available from the Value Added Tax (VAT) was also higher than the N126.463 billion available in the previous month by N30.323 billion.

A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that from the total distributable revenue of N601.110 billion; the Federal Government received N215.600 billion, the State Governments received N171.167 billion and the Local Government Councils received N126.789 billion.

The relevant States received N31.392 billion as 13 per cent mineral revenue, while the cost of collection, transfers and refunds had an allocation of N56.162 billion.

The Federal Government received N190.122 billion from the gross statutory revenue of N436.457 billion; the State Governments received N96.433 billion and the Local Government Councils received N74.345 billion. N30.370 billion was given to the relevant States as 13% mineral revenue and N45.187 billion was the total for the cost of collection, transfers and refunds.

See also:  Buhari To CBN: Don't Give Money For Food Importation

The Federal Government received N21.872 billion from the Value Added Tax (VAT) revenue of N156.786 billion.

The State Governments received N72.906 billion; the Local Government Councils received N51.034 billion, while the cost of collection, transfers and refunds had an allocation of N10.975 billion.

From the N7.867 billion augmentation from the Forex Equalisation revenue, the Federal Government received N3.606 billion, the State Governments received N1.829 billion, the Local Government Councils received N1.410 billion and the relevant States received N1.022 billion as 13 per cent mineral revenue.

The statement explained that Petroleum Profit Tax(PPT), Import Duty, Excise Duty, Value Added Tax(VAT) Oil and Gas Royalty, as well as Companies Income Tax (CIT), recorded a sharp drop.

Balance in the Excess Crude Account (ECA) as at 16th December 2020 was $72.411 million.

Editorial staff
Editorial Staff at Greenbarge Reporters is member of a team of journalists led by Editor-in-Chief, Yusuf Ozi Usman.

Leave a Reply