Federation Accounts Allocation Committee (FAAC) has shared a total of N675.946 billion from November 2021 Federation Account Revenue to the Federal Government, States, and Local Government Councils.
Gatekeepers News reports that this was disclosed in a communiqué issued at the end of a virtual meeting of the Federation Account Allocation Committee (FAAC) for December 2021.
According to the communique, the N675.946 billion total distributable 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 Excess Bank Charges Recovered of N0.438 billion.
It further noted that the total deductions for the cost of collection was N30.957 billion and the total deductions for statutory transfers, refunds and savings was N136.908 billion in November, adding that the balance in the Excess Crude Account (ECA) was $35.365 million.
The communiqué further confirmed that from the total distributable revenue of N675.946 billion; the Federal Government received N261.441billion, the state governments received N210. 046 billion and the local government councils received N155.456 billion. The sum of N49.003 billion was later shared to the relevant states as 13% derivation revenue.
It added that the distributable statutory revenue of N488.674billion was available for the month. The Federal Government received N231.863 billion, the state governments received N117.604 billion and the local government councils received N90.668 billion from this. The sum of N48.540 billion was shared to the relevant states as 13% derivation revenue.
The communique further stated that the gross revenue available from the Value Added Tax (VAT) was N196.175 billion in November 2021, adding that this was higher than the N166.284 billion available in October 2021 by N29.891billion.
Meanwhile, the sum of N5.650 billion was allocated to NEDC and the N7.847 billion cost of the collection were deducted from the N196.175 billion gross Value Added Tax (VAT) revenue, resulting in the distributable Value Added Tax (VAT) revenue of N182.678billion.
The N182.678 billion distributable Value Added Tax (VAT) revenue was allocated to the Federal Government, the state governments, and the local government councils at N27.402 billion, N91.339 billion, and N63.937 billion.
Meanwhile, the Federal Government received N1.946 billion from the total Exchange Gain revenue of N4.156 billion, while state governments received N0.986 billion, and the local government councils received N0.761 billion. The sum of N0.463 billion was later shared to the relevant states as 13% derivation revenue.
The communique further stated that the Federal Government received N0.231billion, the state governments received N0.117billion and the local government councils received N0.090 billion from the N0.438 billion Excess Bank Charges Recovered.
It added that in the month of November 2021, Petroleum Profit Tax (PPT), Oil and Gas Royalties, Companies Income Tax (CIT), and Value Added Tax (VAT), increased remarkably. Also, Import and Excise Duty increased marginally.
