By Ismail Auwal
The Federation Accounts Allocation Committee (FAAC) has shared a total of N601.1bn in November 2020, from the Federation Account revenue to the federal, state, and local governments.
This was announced in FAAC shares N601.1bn among Federal, States, LGs in November meeting chaired by the Permanent Secretary, Federal Ministry of Finance, Aliyu Ahmed.
The total available revenue for distribution in November comprised of statutory revenue of N436.46bn; Value Added Tax (VAT) revenue of N156.79bn, and augmentation of N7.86bn from the forex equalisation revenue.
The gross statutory revenue of N436.46bn for the month of November 2020 was higher than the N378.15bn received in the previous month by N58.31bn.
The gross revenue of N156.79bn available from the VAT was also higher than the N126.46bn available in the previous month by N30.32bn.
A communiqué issued by allocation committee showed that from the total distributable revenue of N601.1bn, the Federal Government received N215.6bn, State Governments received N171.167bn, and the Local Government Councils received N126.79bn.
All oil producing states received N31.39bn as 13 per cent mineral revenue, while cost of collection, transfers and refunds had allocation of N56.16bn.
According to the communiqué, in the month of November 2020, Petroleum Profit Tax, Import Duty, Excise Duty, Value Added Tax and Oil and Gas Royalty decreased substantially.
It also stated that Companies Income Tax recorded a sharp drop.
The balance in the Excess Crude Account stood at $72.41m as of December 16 2020.