The Federation Accounts Allocation Committee (FAAC), at its meeting chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Alh. Aliyu Ahmed shared to the three tiers of government, a total sum of N601.110 billion as federation allocation for the month of November, 2020.
From this amount, inclusive of the cost of collection to NCS, DPR and FIRS, the Federal Government received N215.600 billion, the States received N171.167 billion, the Local Government councils got N126.789 billion while the oil producing states received N31.392 billion as derivation (13% of Mineral Revenue) and Cost of Collection/Transfer and Refunds got N56.162 billion.
In a communiqué issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting, which was signed by the Director, Information, Federal Ministry of Finance, Hassan Dodo, indicated that the Gross Revenue available from the Value Added Tax (VAT) for November, 2020 was N156.786 billion as against N126.463 billion distributed in the preceding month of October, 2020, resulting in an increase of N30.323 billion.
The distribution is as follows: Federal Government got N21.872 billion, the States received N72.906 billion, Local Government Councils got N51.034 billion, while Cost of Collection – FIRS and NCS got N6.271 billion and Allocation to NEDC project received N4.704 billion.
The distributed Statutory Revenue of N436.457 billion received for the month was higher than the N378.148 billion received for the previous month by N58.309 billion, from which the Federal government received N190.122 billon, States got N96.433 billion, LGCs got N74.345 billion, Derivation (13% Mineral Revenue) got N30.370 billion and Cost of Collection/ Transfer and Refund got N45.187 billion.
The communiqué also revealed that Oil and Gas Royalty, Import Duty, Excise Duty, Value Added Tax (VAT), and Petroleum Profit Tax (PPT) increased substantially while Companies Income Tax (CIT) recorded a sharp drop.
The communiqué however disclosed that total revenue distributable for the current month was augmented with the sum of N7.867 billion drawn from Forex Equalization Account.
The balance in the Excess Crude Account as at 16th December, 2020 stands at $72.411 million.