The Federation Accounts Allocation Committee (FAAC) has shared a total of N601.110 billion for the November 2020 revenue to the Federal, States and Local Government Councils and agencies.
This was announced in a statement after the FAAC meeting held at the Federal Ministry of Finance headquarters, Abuja and chaired by the Permanent Secretary, Federal Ministry of Finance, Alhaji Aliyu Ahmed.
The amount of N601.110 billion comprised statutory revenue of N436.457 billion; Value Added Tax (VAT) revenue of N156.786 billion and augmentation of N7.867 billion from the Forex Equalisation revenue.
According to the statement, while the gross statutory revenue of N436.457 billion available for the month of November 2020 was higher than the N378.148 billion received in the previous month by N58.309 billion, the gross revenue of N156.786 billion available from the Value Added Tax (VAT) was also higher than the N126.463 billion available in the previous month by N30.323 billion.
The FAAC statement indicated that while the Federal government received N215.600 billion, the State Governments received N171.167 billion and the Local Government Councils received N126.789 billion.
The relevant States received N31.392 billion as 13% mineral revenue, while the cost of collection, transfers, and refunds had an allocation of N56.162 billion.
The Federal government received N190.122 billion from the gross statutory revenue of N436.457 billion; the State governments received N96.433 billion and the local government councils received N74.345 billion. N30.370 billion was given to the relevant States as 13% mineral revenue and N45.187 billion was the total cost of collection, transfers, and refunds.
The Federal government received N21.872 billion from the Value Added Tax (VAT) revenue of N156.786 billion. The state governments received N72.906 billion; the Local Government Councils received N51.034 billion, while the cost of collection, transfers, and refunds had an allocation of N10.975 billion.
From the N7.867 billion augmentation from the Forex Equalisation revenue, the Federal Government received N3.606 billion, the State Governments received N1.829 billion, the Local Government Councils received N1.410 billion and the relevant States received N1.022 billion as 13% mineral revenue.
The statement added that in the month of November 2020, Petroleum Profit Tax(PPT), Import Duty, Excise Duty, Value Added Tax(VAT), and Oil and Gas Royalty decreased substantially; while Companies Income Tax (CIT) recorded a sharp drop.
The balance in the Excess Crude Account (ECA) as of December 16 was $72.411 million.
