FAAC Shares N601bn November 2020 Revenue To FG, States And LGs

 

The Federation Accounts Allocation Committee (FAAC) has shared a total of N601.110 billion November 2020 federation account revenue to the Federal, States and Local Government Councils and agencies.

According to a statement issued on Wednesday, the figure was announced after the Federation Account Allocation Committee (FAAC) meeting for the month of December 2020 held at the Federal Ministry of Finance headquarters, Abuja.

The meeting was chaired by the Permanent Secretary, Federal Ministry of Finance, Alhaji Aliyu Ahmed.

The total distributable revenue 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.

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.

A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that from the total distributable revenue of N601.110 billion; 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.

According to the Communiqué, 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.

FG, States, LGAs Share N651bn As June 2020 Allocation

File photo

 

 

 

Nigeria’s three federating units and other relevant agencies have shared 651.184 billion as allocation for June 2020, according to the the Federation Account Allocation Committee (FAAC). 

This was contained in a statement from the FAAC Director of Information, Press and Public Relations, Henshaw Ogubike.

According to the statement, the decision followed FAAC’s monthly meeting for July 2020 which was held virtually and chaired by the Accountant General of the Federation, Ahmed Idris.

“The gross statutory revenue available in June 2020 was N524.526 billion; the gross revenue from the Value Added Tax (VAT) was N128.826 billion and the revenue from the Exchange Gain was N42.832 billion,” the statement said.

“This brought the total revenue for the month to N696.184 billion. From this total, the sum of N45 billion was saved in the Excess Non-Oil Revenue Account and the balance of N651.184 billion was shared to the three tiers of government and relevant agencies.”

According to FAAC, “the balance in the Excess Crude Account (ECA) as at 16th July, 2020 was $72.407 million, explaining that the gross statutory revenue of N524.525 billion available in June was higher than the N413.953 billion received in the previous month by N110.573 billion.”

It also added that the gross revenue of N128.826 billion available from the Value Added Tax (VAT) was higher than the N103.873 billion in the previous month by N24.953 billion.

The statement noted that from the total revenue, the Federal Government received N266.131 billion, the State Governments received N185.774 billion, and the Local Government Councils received N138.974 billion.

Furthermore, the oil producing states got N28.496 billion as 13% derivation revenue, N76.809 billion was given to revenue / Relevant Agencies as follows:
Cost of collection…..24.047,
Transfer to NEDC…..3.865
PTF….3.897

Transfer to Excess non oil…..45.000
TOTAL……76.809.

It equally said the Federal Government got N227.584 billion from the gross statutory revenue, the State Governments received N115.434 billion and the Local Government Councils had N88.995 billion.

N24.722 billion was given to the relevant States as 13% derivation revenue, also.

The Federal Government got N17.971 billion from the Value Added Tax (VAT) revenue, the State Governments received N59.904 billion, the Local Government Councils had N41.933 billion, and the revenue/ Relevant Agencies received ,5.153 as cost of collection and 3.865 transferred to NEDC , amounting to N9.018 billion, the statement added.

Similarly, FAAC said the Federal Government received N20.576 billion, the State Governments had N10.436 billion, the Local Government Councils got N8.046 billion and the oil producing states received N3.774 billion from the Exchange Gain revenue.

In June 2020, Import and Excise Duty, Value Added Tax, Companies Income Tax, Oil and Gas Royalty reported major rises just as Petroleum Profit Tax declined.

 

Edo State Receives N2.18bn Allocation For LGs

The Edo State Joint Accounts Allocation Committee (JAAC) has declared a revenue allocation of N2.18bn from the Federation Account for the 18 local government councils in the month of June 2017.

The Head of Administration, Uhunmwonde Local Government Council, Mr Anthony Eboigbodin disclosed this after a meeting presided over by Governor Godwin Obaseki at the Government House in Benin City, the Edo State capital.

He hinted that the state government has concluded plans for the collection of the harmonised local government taxes, rates and levies across the state starting from Monday, July 10.

“It has been approved that the collection of rates, levies and other fixed rates in the entire 18 local government councils will start on Monday, July 10, 2017,” Eboigbodin said.

He also revealed that the sum of N1.41bn collected in June 2017 was for mandatory expenditure, while a balance of N759.6m was shared among the 18 local government councils.

Federal, state and local governments share N621 billion for February

The Federal, state and the local government areas in Nigeria will share the sum of N621 billion for the month of February, 2012.

This was disclosed by the Minister of state for finance, Yerima Ngama after the Federation Account Allocation Committee (FAAC) meeting in Abuja on Monday.

Mr Ngama said that the federal government got a total of N260 billion while the states and local government areas got a total of N131 billion and 111 billion respectively.

He said that the thirteen per cent mineral derivations accruing to oil producing states stood at over N60 billion for the month of February.

According to the Minister, the amount shared in February shows an increase of over N6 billion of the funds shared in January 2012.

There were fears that the three tiers of governments may not have enough money to share for the month of February because as at last week the Nigerian National Petroleum Corporation, Federal Inland Revenue Service and the Nigerian Customs Service had not remitted revenues for the month of last month into the Federation Account.

This according to sources was the reason why the FAAC meeting did not hold last Friday.

Last year, the monthly FAAC meeting was postponed several times because of NNPC’s N450 billion indebtedness to the Federation Account. The corporation later agreed to pay the debt in instalments.

Last month, the Federal, states and local governments shared N614 billion for the month of January as against N616.93 shared in December, 2011.