FG, States, LGs Share N1.928trn Revenue for November – FAAC
A total sum of N1.928 trillion, being November Federation Account Revenue, has been shared among the Federal Government, States and the Local Government Councils (LGs) .
The revenue was shared at the December Federation Account Allocation Committee (FAAC) meeting in Abuja on Monday.
Thiis is according to a communique issued at the end of the meeting, which was made available by Bawa Mokwa, the Director, Press and Public Relations, Office of the Accountant-General of the Federation (OAGF.)
According to the communiqué, the N1.928 trillion distributable revenue comprised statutory revenue of N1.403 trillion, Value Added Tax (VAT) revenue of N485.838 billion, and Electronic Money Transfer Levy (EMTL) revenue of N39.646 billion. It said that total gross revenue of N2.343 trillion was available in the month of November.
It said that total deduction for cost of collection was N84.251 billion, while total transfers, interventions, refunds and savings was N330.625 billion.
“Gross statutory revenue of N1.736 trillion was received for the month of November. This was lower than the sum of N2.164 trillion received in the month of October by N427.969 billion.
“Gross revenue of N563. 042 billion was available from VAT in November . This was lower than the N719.827 billion available in October by N156.785 billion,” it said.
The communiqué said that from the N1.928 trillion total distributable revenue, the Federal Government received total sum of N747.159 billion and the state governments received N601.731 billion.
It said that the LGs received N445.266 billion, while the sum of N134.355 billion (13 per cent of mineral revenue) was shared to the benefiting state as derivation revenue.
“From the N1.403 trillion distributable statutory revenue, the Federal Government received N668.336 billion and the state governments received N338.989 billion.
“The LGs received N261.346 billion and the sum of N134.355 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.
“From the N485.838 billion distributable VAT revenue, the Federal Government received N72.876 billion, the state governments received N242.919 billion and the LGs received N170.043 billion,” it said.
It said N5.947 billion was received by the Federal Government from the N39.646 billion EMTL, while, the state governments received N19.823 billion and the LGs received N13.876 billion.
“In November, Excise Duty increased moderately. “Petroleum Profit Tax, Hydrocarbon Tax, CIT on Upstream Activities, Companies Income Tax, CGT and SDT, Oil and Gas Royalties, Import Duty, CET Levies, VAT and EMTL recorded substantial decreases,” it said. #FG, States, LGs Share N1.928trn Revenue for November – FAAC#
