FG, States, LGCs Share N601bn For November

The Federal Government, States and Local government Councils shared N601.110bn for November, Mr. Aliyu Ahmed, Permanent Secretary, Ministry of Finance, Budget and National Planning has said.

Mr. Hassan Dodo, Director of Information in the ministry, quoted Ahmed as disclosing this in a statement issued at the end of the Federation Accounts Allocation Committee (FAAC) meeting in Abuja on Wednesday.

Ahmed said that the N601.110bn shared, represented the cost of collection to Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and the Federal Inland Revenue Service (FIRS).

According to the permanent secretary, the Federal Government received N215.600bn, states got N171.167bn, while local government councils had N126.789bn.

He added that the oil producing states received N31.392bn as 13 per cent derivation from Mineral Revenue, while Cost of Collection/Transfer and Refund was N56.162bn.

A communiqué issued by the committee, stated that the gross revenue available from the Value Added Tax (VAT) for November amounted to N156.78bn, as against the N126,463bn distributed in October, indicating an increase of N30.323bn.

“The distribution is as follows; Federal Government got N21.872bn, the states received N72.906bn, Local Government Councils got N51.034bn, while Cost of Collection – FIRS and NCS was N6.271bn and Allocation to the NEDC project amounted to N4.704bn.

“The distributed Statutory Revenue of N436.457bn received for the month, was higher than the N378.148bn received for the previous month by N58.309bn.

From the total, the Federal Government received N190.122bn, states got N96.433bn, LGCs got N74.345bn, while the 13 per cent Derivation from Mineral Revenue amounted to N30.370bn and Cost of Collection/ Transfer and Refund got N45.187bn.”

The communiqué also revealed that Oil and Gas Royalty, Import Duty, Excise Duty, VAT, and Petroleum Profit Tax (PPT) increased substantially, while Companies Income Tax (CIT) recorded a sharp drop.

Furthermore, it disclosed that total revenue distributable for the current month was augmented with the sum of N7.867bn drawn from the Forex Equalisation Account.

Meanwhile, the balance in the Excess Crude Account as at December stands at $72.411m, the communique said.

(NAN)