N601bn allocated for FG, states, LGs for November

The Federation Accounts Allocation Committee (FAAC) has disbursed a ransom of N601.1bn on November 2020 Federation Account revenue to the federal, state and local governments and agencies.

 

In accordance to the meeting held by FAAC on Thursday for the month of December 2020 at the Federal Ministry of Finance headquarters, Abuja.

 

The meeting was headed by, Aliyu Ahmed, Permanent Secretary of Federal Ministry of Finance.

The total distributed money from the federal consolidated revenue of N601.1bn compiled of statutory revenue of N436.46bn; Value Added Tax revenue of N156.79bn and augmentation of N7.86bn from the forex equalization revenue.

The total statutory revenue of N436.46bn available for the month of November 2020 was higher than the N378.15bn received in the prior month by N58.31bn.

 

The gross revenue of N156.79bn available from the Value Added Tax was at the same time higher than the N126.46bn available in the month before by N30.32bn.

A communiqué issued by allocation committee stated that from the total disbursement revenue of N601.1bn, the Federal Government received N215.6bn, state governments received N171.167bn and the Local Government Councils received N126.79bn.

 

The adherent states also received N31.39bn as 13 per cent mineral revenue, while cost of collection, transfers and retract allocation of N56.16bn.

The Federal Government get N190.12bn from an aggregate statutory revenue of N436.46bn; state governments received N96.43bn and the Local Government Councils payed N74.35bn.

An aggregate of N30.37bn was allocate to the related states as 13 per cent mineral revenue and N45.19bn was the total for cost of collection, transfers and refunds.

The Federal Government given N21.87bn from the Value Added Tax revenue of N156.79bn.

The state governments handed N72.91bn, the Local Government Councils also received N51.03bn, while cost of collection, transfers and refunds had allocation of N10.98bn.

Afterwards he added, the N7.87bn augmentation from the forex equalization revenue, the Federal Government given N3.61bn, state governments handed N1.83bn, the Local Government Councils taken N1.41bn and the derivation states received N1.02bn as 13 per cent mineral revenue.

In adherent to the communiqué reported, in the month of November 2020, Petroleum Profit Tax, Import Duty, Excise Duty, Value Added Tax and Oil and Gas Royalty decreased actually.

It said Companies Income Tax recorded a tremendous sharp drop.

The balance in the Excess Crude Account stood at $72.41m as of December 16.

 

 

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