Federal Allocation: FG, States, LGCs Shared ₦604bn
Federal Accounts Allocation Committee (FAAC) shares ₦604 billion for Federal Government, 36 States including the Federal Capital Territory and the 774 local government councils in the country.
Mr Aliyu Ahmed, the Permanent Secretary, Ministry of Finance, Budget and National Planning said this in a statement issued by Mr. Hassan Dodo, the Director for Information at the end of the Federation Accounts Allocation Committee (FAAC) meeting in Abuja.
Ahmed said the ₦604.004 billion shared included cost of collection to Nigeria Customs Service (NCS), Department for Petroleum Resources (DPR) and Federal Inland Revenue Service (FIRS).
From the Federal Allocation, He said FG received ₦220.751 billion, the States received ₦161.825 billion, and the Local Government Councils (LGCs) got ₦120.588 billion.
Ahmed added that the oil producing states received ₦31.902 billion as derivation (13 per cent of mineral revenue) and cost of collection/transfer and refunds got ₦48.939 billion.
According to the communique issued by the committee, gross revenue available from the Value Added Tax (VAT) for October was ₦126.463 billion.
This was against ₦141.858 billion distributed in the preceding month of September, resulting in a decrease of ₦15.395 billion.
“The distribution is as follow: Federal Government got ₦17.642 billion, the States received ₦58.805 billion, Local Government Councils got ₦41.167 billion, while Cost of Collection/Transfer and Refund got ₦5.059 billion and Allocation to NEDC project received ₦3.794 billion.
“The distributed Statutory Revenue of ₦378.148 billion received for the month was higher than the ₦341.501 billion received for the previous month by ₦36.647 billion from which the Federal Government received ₦166.195 billon, States got ₦84.296 billion, LGCs got ₦64.989 billion, derivation (13% Mineral Revenue) got ₦21.581 billion and Cost of Collection/ Transfer and Refund got ₦40.086 billion.”
The communique also revealed that Oil and Gas Royalty, Companies Income Tax (CIT) increased substantially.
However, Import Duty, Excise Duty, VAT, and Petroleum Profit Tax (PPT) recorded decreases.
It further disclosed that the total revenue distributable for the current month was augmented with the sums of ₦72 billion and ₦7.392 billion from Forex Equalisation and FGN Intervention respectively.
It said it included an augmentation of ₦20 billion from the Stabilisation Account.
“This is because of low revenue which is to be shared accordingly to the three tiers of government, bringing the total Distributable Revenue to ₦604.004 billion.
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“The balance in the Excess Crude Account as at Nov. 18 stands at |$72.409 million.”
Federal Allocation: FG, States, LGCs Shared ₦604bn
