19/12/2021
FG, STATES AND LGAS SHARE N675.9B
The Federal Accounts Allocation Committee (FAAC) on Friday shared a total sum of N675.946 billion to the Federal, States and Local Government Councils from the federation account for the month of November.
This represents N4.036 billion or 0.6% increase when compared to the N671.910 billion that was shared last month for the month of October.
This disclosure is contained in a statement issued by the Acting Director, Information, Federal Ministry of Finance, Budget and National Planning, Mr Olajide Oshundun, on Saturday in Abuja.
Oshundun stated that the total distributable revenue of N675.946 billion revenue comprised distributable statutory revenue of N488.674 billion, distributable Value Added Tax (VAT) revenue of N182.678 billion, Exchange Gain of N4.156 billion and recovered excess bank charges of N0.438 billion.
According to NAN, he said from the total distributable revenue, the Federal Government received N261.441 billion of the money, while states and local councils got N210.046 billion and N155.456 billion, respectively.
An additional sum of N49.003 was shared to the relevant oil-producing states as 13% derivation revenue adding that the VAT revenue collected in November was N196.175 billion as against N166.284 billion in October, showing an increase of N29.891 billion.
Oshundun pointed out that from the VAT revenue, the Federal Government got N27.402 billion, while states and local councils received N91.339 billion, and N63.937 billion, respectively.
The Federal Inland Revenue Service, the Nigerian Customs Service and the Nigerian Upstream Petroleum Regulatory Commission got N7.847 billion as cost of revenue collection which was deducted from the N196.175 billion gross VAT revenue while the North East Development Commission project received N5.650 billion.
He stated that statutory revenue of N643.481 billion distributed in November was higher than the N407.864 billion received in October by N235.617 billion, fr