FAAC shares ₦812.76 billion among FG, States, LG for November

The Federal Government, States and Local Governments have shared ₦812.76 billion as revenue for the month of November.

The Permanent Secretary, Ministry of Finance, Mr Mahmoud Isa-Dutse said this on Wednesday in Abuja, while briefing newsmen on the outcome of the Federal Account Allocation Committee (FAAC) meeting.

Giving a breakdown of the revenue accrued in November, Isa-Dutse said that the Mineral revenue reduced by ₦100.8 billion, from ₦522.6 billion recorded in October to ₦421.8 billion in November.

Also, the Non-Mineral Revenue increased by ₦68.2 billion, from ₦159.4 billion in October , to ₦227.7 billion in November

He said also that the Value Added Tax (VAT) collected for the month reduced from ₦100.9 billion in October to ₦88.3 billion in November.

“The gross statutory revenue of ₦649.6 billion received for the month was lower than the ₦682.1 billion received in the previous month by ₦32.5 billion.

“The revenue from the Companies Income Tax (CIT) increased significantly.

“However, revenue from Foreign Oil and Gas, Domestic Oil and Gas, Royalties, Petroleum Profit Tax, import and Excise duties and Value Added Tax decreased,” he said.

Isa-Dutse said in summary that the Federal Government received ₦280.9 billion, States ₦142.48 billion and ₦109.84 billion was received by the local governments.

According to him, ₦47.8 billion representing 13 per cent of the mineral revenue was shared to oil producing states.

Isa-Dutse announced that 2.246 billion dollars was withdrawn and shared to states as part of the Paris Club refund.

To this end, he said that the Excess Crude Account had gone down from 2.319 billion dollars in October, to 631 million dollars in the month of November.

“The deductions was for the final payment of the Paris Club Refund. The final payments to states have been made and the figure was deducted from the Excess Crude Account.

“A decision was taken to make these refunds and part of that decision is for the refund to be funded from the Excess Crude Account.

“All the required approvals were obtained from the President and Federal Executive Council,” he said. (NAN)

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