FG, States And LGs Receive N725.5bn Revenue In March

A file photo of the Accountant General of the Federation, Idris Ahmed, at his office in Abuja. Channels TV/ Sodiq Adelakun.

 

The Federation Accounts Allocation Committee (FAAC) has shared a total of N725.5 billion as Federation Account revenue for March to the Federal Government, states, and local government areas.

This was contained in a communique issued at the end of a virtual meeting of the FAAC for April held on Wednesday.

The N725.571 billion total distributable revenue comprised distributable statutory revenue of N521.169 billion and the distributable Value Added Tax (VAT) revenue of N204.402 billion.

In March 2022, the total deductions for the cost of collection were N44.411 billion, and the total deductions for statutory transfers, refunds, and savings were N382. 826 billion. The balance in the Excess Crude Account (ECA) was $35.372 million.

READ ALSO: FAAC Shares N574.668bn January 2022 Revenue To FG, States And LGAs

The communique confirmed that from the total distributable revenue of N725.571 billion, the Federal Government received N277.104 billion, the State Governments received N227.201 billion and the Local Government Councils received N167.910 billion.

A total of N53.356 billion was shared with the relevant States as 13 per cent derivation revenue.

Gross statutory revenue of N933.304 billion was received for the month which was higher than the N429.681 billion received in the previous month by N503.623 billion.

The sum of N35.631 billion cost of collection and N376.504 billion being amount for transfers, refunds, and savings were deducted from the N933.304 billion gross statutory revenue, resulting in the distributable statutory revenue of N521.169 billion.

From the N521.169 billion distributable statutory revenue, the Federal Government received N246.444 billion, the State Governments received N125.000 billion and the Local Government Councils received N96.369 billion.

The sum of N53.356 billion was shared to the relevant states as 13 per cent derivation revenue.

In the month of March 2022, the gross revenue available from the Value Added Tax (VAT) was N219.504 billion.

This was higher than the N177.873 billion available in the month of February 2022 by N41.631 billion.

The sum of N6.322 billion allocation to NEDC and N8.780 billion cost of the collection were deducted from the N219.504 billion gross Value Added Tax (VAT) revenue, resulting in the distributable Value Added Tax (VAT) revenue of N204.402 billion.

From the N204.402 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N30.660 billion, the State Governments received N102.201 billion and the Local Government Councils received N71.541 billion.

According to the communique, in the month of March 2022, Petroleum Profit Tax (PPT), Oil and Gas Royalties, Import and Excise Duties, Companies Income Tax (CIT), and Value Added Tax (VAT) all recorded tremendous increases.

FAAC: FG, States, LG Share N695bn For February

 

The Federation Accounts Allocation Committee (FAAC), has shared N695.03 billion to the three tiers of government as revenue for February amid plans by the Nigerian National Petroleum Corporation (NNPC) limited to deduct N242.53 billion for subsidy.

The FAAC Director Information, Mr. Olajide Oshundun, disclosed this in a communique on Tuesday, after a Virtual Conference.

From the amount, inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Non-Mineral Revenues and Excess Bank charges, the Federal Government received N236.177 billion, the states received N190.007 billion, the Local Government Councils got N140.612 billion, while the oil-producing states received N23.750 billion as derivation (13% of Mineral Revenue) and Cost of Collection received N23.989 billion and Transfer/ Refunds got N80.498 billion.

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Oshundun noted that the Gross Revenue available from the Value Added Tax (VAT) for February, 2022 was N177.873 billion as against N191.222 billion distributed in the preceding month of January 2022, resulting in a decrease of N13.349billion.

The distribution is as follows; Federal Government got N24.845 billion, the states received N82.818 billion, Local Government Councils got N57.972 billion, while Cost of Collection to FIRS and NCS got N7.115 billion and Allocation to NEDC project received N5.123 billion.

“The distributed Statutory Revenue of N429.681billion, received for the month was higher than the sum of N396.432 billion received in the previous month by N33.249billion, from which the Federal Government was allocated the sum of N165.248 billion, states got N83.816 billion, LGCs got N64.618 billion, Derivation (13% Mineral Revenue) got N23.750 billion and Cost of Collection received N16.874, while Transfers and Refund got N75.375billion,” the communique stated.

It also revealed that Petroleum Profit Tax (PPT) increased significantly, while Oil and Gas Royalties increased marginally.

However, Import and Excise Duties, Companies Income Tax (CIT) and Value Added Tax (VAT) recorded considerable decreases.

It was further disclosed that total revenue distributable for the current month was drawn from Statutory Revenue of N429.641billion, Value Added Tax (VAT) of N177.873 billion, Excess Bank Charges Recovered of N7.479 and Non-Mineral Revenues of N80.000billion.

The balance in the Excess Crude Account as at 22nd March 2022 stands at $35.371million.

Nigeria Needs To Bake A Bigger ‘National Cake’ – Obaseki

 

The Edo State Governor, Godwin Obaseki, on Tuesday said Nigeria needs to increase its revenues in order to address complaints over the sharing formula of federation proceeds.

The Governor made the comment at the State Government House in Benin-City during a courtesy visit of the Chairman of the Federal Character Commission, Muheeba Dankaka.

“The issue for us in Nigeria should be how to bake a bigger cake, because the cake we are trying to share has become too small,” the Governor said.

READ ALSO: FAAC Shares N574.668bn January 2022 Revenue To FG, States And LGAs

“So no matter how hard you try to divide that cake and share it, many people will still feel they are not getting their fair share or what is due to them, because whatever they get might just be marginal.”

Obaseki also noted that the Federal Government is spending too much of the nation’s dwindling resources on recurrent expenditures, including personnel emoluments.

FAAC Shares N574.668bn January 2022 Revenue To FG, States And LGAs

 

The Federation Accounts Allocation Committee (FAAC) has shared a total of N574.668 billion in January 2022 Federation Account Revenue to the Federal Government, states, and local government councils.

This was contained in a communiqué issued at the end of a virtual meeting of the Federation Account Allocation Committee (FAAC) for February 2022.

The N574.668 billion total distributable revenue comprised distributable statutory revenue of N291.400 billion; distributable Value Added Tax (VAT) revenue of N178.066 billion and Exchange Gain of N5.202 billion and non-mineral revenue of N100.000 billion.

In January 2022, the total deductions for the cost of collection was N 25.421 billion, and the total deductions for statutory transfers, refunds and savings was N92.767 billion. The balance in the Excess Crude Account (ECA) was $35.368 million.

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The communiqué confirmed that from the total distributable revenue of N574.668 billion; the Federal Government received N204.580 billion, the state governments received N179.251 billion and the local government councils received N131.878 billion. A total of N58.959 billion was shared with the relevant states as 13% derivation revenue.

The distributable statutory revenue of N291.400 billion was available for the month. From this, the Federal Government received N122.749 billion, the state governments received N62.260 billion and the Local Government Councils received N48.000 billion. The sum of N58.391 billion was shared to the relevant states as 13% derivation revenue.

In the month of January 2022, the gross revenue available from the Value Added Tax (VAT) was N191.222 billion. This was lower than the N201.255 billion available in the month of December 2021 by N10.033 billion.

The sum of N5.507 billion allocations to NEDC and N7.649 billion cost of the collection were deducted from the N191.222 billion gross Value Added Tax (VAT) revenue, resulting in the distributable Value Added Tax (VAT) revenue of N178.066 billion.

From the N178.066 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N26.710 billion, the state governments received N89.033 billion and the Local Government Councils received N62.323 billion.

The Federal Government received N2.441 billion from the total Exchange Gain revenue of N5.202 billion. The state governments received N1.238 billion, the Local Government Councils received N0.955 billion and N0.568 billion was shared to the relevant states as 13% derivation revenue.

A spokesperson for the Office of the Accountant General of the Federation (AGF), Henshaw Ogubike, said in a statement that the Federal Government received N52.680 billion, the State Governments received N26.720 billion and Local Government Councils received N20.600 billion from the N100.000 billion Non-Mineral Revenue. ‘

According to the Communiqué, in the month of January 2022, Companies Income Tax (CIT), Petroleum Profit Tax (PPT) and Oil and Gas Royalties decreased significantly while Value Added Tax (VAT), Import and Excise Duties decreased marginally.

FG, States, LGs Share N699.824bn As VAT Revenue Grows By N5bn

File photo.

 

The Federation Accounts Allocation Committee (FAAC) has shared a total of N699.824 Billion to the Federal Government, states, and local government areas.

The amount is the allocation for December 2021.

This was contained in a communique issued at the end of a virtual meeting of FAAC for January 2022, said Henshaw Ogubike, a spokesman for the office of the Accountant-General of the Federation (OAGF), in a statement on Friday.

“The N699.824 billion total distributable revenue comprised distributable statutory revenue of N507.267 billion, distributable Value Added Tax (VAT) revenue of N187.409 billion, and Exchange Gain of N5.148billion,’ said the statement.

“In December 2021, the total deductions for cost of collection were N30.003 billion and the total deductions for statutory transfers, refunds and savings were N36.643 billion. The balance in the Excess Crude Account (ECA) was $35.368 million.”

The communique confirmed that from the total distributable revenue of N699.824 billion, the Federal Government received N279.457billion, the state governments received N221.190 billion, and the local government areas received N163.879 billion, while the sum of N35.297 billion was shared to the relevant states as 13 per cent derivation revenue.

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According to the statement, the distributable statutory revenue of N507.267 billion was available for the month, out of which Federal, states, and local governments received N248.885 billion, N126.238 billion, and N97.324 billion respectively. The sum of N34.820 billion was also shared with the relevant states as 13 percent derivation revenue.

“In the month of December 2021, the gross revenue available from the Value Added Tax (VAT) was N201.255 billion. This was higher than the N196.175 billion available in the month of November 2021 by N5.080 billion.

“The sum of N5.796 billion allocation to NEDC and N8.050 billion cost of the collection were deducted from the N201.255 billion gross Value Added Tax (VAT) revenue, resulting in the distributable Value Added Tax (VAT) revenue of N187.409 billion,” the statement added.

“From the N187.409 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N28.111 billion, the state governments received N93.705 billion and the local government councils received N65.593 billion.

“The Federal Government received N2.461 billion from the total Exchange Gain revenue of N5.148 billion, the state governments received N1.248 billion, the local government councils received N0.962 billion, and N0.477 billion was shared to the relevant states as 13 per cent derivation revenue.”

According to the communique, Companies Income Tax (CIT) and Value Added Tax (VAT) increased reasonably, Petroleum Profit Tax (PPT) and Oil and Gas Royalties decreased significantly while Import and Excise Duties decreased marginally, in December last year.

VAT Revenue Hits N196.175bn As FAAC Shares N675.946bn To FG, States, LGS

File photo

 

The Federation Accounts Allocation Committee (FAAC) has shared a total of N675.946 billion to the Federal Government, states, and local government councils as the Federation Account revenue for November, as a total of N196.175 billion Value Added Tax (VAT) gross revenue was generated.

A spokesman for the Office of the Accountant-General of the Federation (AGF), Henshaw Ogubike, disclosed this in a statement on Friday in Abuja.

He explained that a breakdown of the figure was contained in a communique issued at the end of a virtual meeting of FAAC for December.

“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,” he said.

“In November 2021, the total deductions for cost of collection was N30.957 billion, and the total deductions for statutory transfers, refunds and savings was N136.908 billion. The balance in the Excess Crude Account (ECA) was $35.365 million.”

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The communique 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.

VAT Revenue Surges

Similarly, the sum of N49.003 billion was shared to relevant states as 13 per cent derivation revenue while a distributable statutory revenue of N488.674 billion was available for the month.

“From this, the Federal Government received N231.863 billion, the state governments received N117.604 billion and the local government councils received N90.668 billion. The sum of N48.540 billion was shared to the relevant states as 13 per cent derivation revenue.

“In the month of November 2021, the gross revenue available from the Value Added Tax (VAT) was N196.175 billion. This was higher than the N166.284 billion available in the month of October 2021 by N29.891billion.

“The sum of N5.650 billion allocation to NEDC and N7.847 billion cost of collection were deducted from the N196.175 billion gross Value Added Tax (VAT) revenue, resulting in the distributable Value Added Tax (VAT) revenue of N182.678 billion,” Ogubike said.

From the N182.678 billion distributable VAT revenue, he revealed that the Federal Government received N27.402 billion, the state governments received N91.339 billion and the local government councils received N63.937 billion.

The Federal Government also received N1.946 billion from the total Exchange Gain revenue of N4.156 billion while the state governments and local government councils received N0.986 billion and N0.761 billion respectively.

N0.463 billion was shared to relevant states as 13 per cent derivation revenue.

Of the N0.438 billion excess bank charges recovered, the Federal Government received N0.231billion, the state governments received N0.117billionm, and the local government councils received N0.090 billion.

In November, according to the communique, Petroleum Profit Tax (PPT), Oil and Gas Royalties, Companies Income Tax (CIT) and Value Added Tax (VAT), increased remarkably while Import and Excise Duty increased marginally.

‘No State Is Poor’: Wike Faults Governors For Dependence On FAAC Allocation

A file photo of Rivers State Governor, Nyesom Wike

 

 

Rivers State Governor, Nyesom Wike has faulted governors who depend on the monthly Federation Accounts Allocation Committee (FAAC), saying no state in Nigeria is poor.

Speaking during a lecture of the Executive Management Course 14 in Abuja, Wike wondered why governors lament there is no money in their states yet seek a second term in office.

The governor noted that every state has its own advantage and disadvantage, comparing two American states – Houston and California.

The first, according to Wike, is blessed with oil but not as developed as the second which doesn’t have crude oil but is the biggest economy in the United States.

He believes that development can strive if the governor is able to use the advantage for the benefit of the state and its people.

“No state is poor in this country, it is this over-dependence on the Federal Government,” Wike said. “At the end of every month, they send their Accountant-General/Commissioner of Finance for FAAC.”

“Any state that tells you we are poor and they deceive you by saying their state is poor. I keep on telling them ‘if your state is poor, why do you want to be governor? Your state is poor; you want to run the second term.”

He, therefore, charged governors to make good use of the opportunities at their disposal and stop relying solely on the Federal Government for survival.

On the issue of the Value Added Tax, the governor criticised the Federal Government for collecting VATs from states, insisting that “I looked at it and saw that what the Federal Government was collecting is not their own.”

Governors Too Powerful

When he came into office in 2015, Governor Wike recalled that he inherited Rivers State as one that was financially depleted and very close to bankruptcy.

This, to him, is because workers in the state were owed their monthly salaries; pensioners were not paid as well as contractors, describing the situation as being problematic.

Wike of the Peoples Democratic Party (PDP), explained that what he met on the ground became worse for him because his predecessor, Rotimi Amaechi (of the All Progressives Congress) did not leave a handover note to ease governance.

According to him, institutions should be made strong so that whether a governor is leaving the office or not, governance would not fail as it is a continuum.

He added, “Nigeria is one funny country how a democratically elected governor in the history of Nigeria will take a padlock and lock the court for two years. For two years, the courts were shut down in Rivers State and you know the implication of the courts being shut down.

“We, the governors are too powerful. The President is too powerful. If the governors were not too powerful, how can a governor think of a whole arm of government, the judiciary, and shut it for two years?

“Tell me what will be the fate of those who have problems with their contracts, how do they go for determination of who is wrong or right?” he questioned.

FG, States, LGs Share N696.965bn As VAT Revenue Hits N166.228bn

A file photo of the Accountant-General of the Federation, Idris Ahmed, addressing reporters at his office in Abuja. Channels TV/ Sodiq Adelakun.

 

The Federation Accounts Allocation Committee (FAAC) has shared a total of N696.965 billion as federation allocation for the month of August.

Oshundun Olajide, a Deputy Director of Information at the Office of Accountant General of the Federation (OAGF), disclosed this in a statement on Thursday.

This comes as the nation records a significant increase in the collection of Value Added Tax (VAT) and import duty, amid the lingering controversy over whose responsibility it is to collect VAT.

A series of court cases and rulings emerged recently as the Rivers State government, backed by Lagos and some other states, challenge the legality of the Federal Inland Revenue Service (FIRS) to collect VAT.

Olajide stated that FAAC held a virtual conference on Wednesday where it shared the sum to the three tiers of government.

“From this amount, inclusive of Value Added Tax (VAT), Exchange Gain, Excess Bank Charges and Revenue from non-oil, the Federal Government received N289.257 billion, the states received N217.183 billion, the local government councils got N161.541 billion, while the oil-producing states received N41.376 billion as derivation (13 per cent of mineral revenue),” the statement read.

The communique issued at the end of the meeting indicated that the gross revenue available from the Value Added Tax (VAT) for August was N166.228 billion.

According to it, the Federal Government got N24.934 billion of the revenue generated from VAT, while the states and local government councils (LGCs) received N83.114 billion and N58.180 billion respectively.

“The sum of N50 billion from non-oil revenue was equally distributed accordingly to the three tiers of government as follow – the Federal Government received N26.340 billion; the states got N13.360 while the LGCs received N10.3 billion.

“The distributed statutory revenue of N477.504 billion was received for the month from which the Federal Government received N236.437 billion, states got N119.924 billion, LGCs got N92.4456 billion, and derivation (13 per cent mineral revenue) got N28.687 billion,” the statement added.

It revealed that Companies Income Tax (CIT), Petroleum Profit Tax (PPT), oil and gas royalties, and excise duty recorded decreases, while import duty and VAT increased significantly.

The communique indicated that total revenue distributable for the month included gross statutory revenue of N477.504 billion, VAT of N166.228 billion, exchange gain of N2.830 billion, excess bank charges recovered of N0.403 billion, and N50 billion from non-oil revenue.

This brings the total distributable revenue to N696.965 billion for the month of August.

FG, States, LGs Share N760.717bn Revenue In July

The Accountant General of the Federation, Idris Ahmed, holds a phone at his office in Abuja on April 9, 2020. Photos: Channels TV/ Sodiq Adelakun.

 

The Federation Accounts Allocation Committee (FAAC) has shared a total of N760.717 billion Federation Account Revenue to the Federal, States, and Local Governments in July.  

This was revealed in a statement on Friday at the end of the virtual meeting of the FAAC for August.

The revenue comprised distributable statutory revenue of N617.705 billion, distributable Value Added Tax (VAT) revenue of N140.555 billion, and exchange gain of N2.457 billion.

“In July 2021, the sum of N63.501billion was the total deductions for the cost of collection, statutory transfers, and refunds,” said Henshaw Ogubike who is the spokesperson for the Office of the Accountant General of the Federation (OAGF).

“The balance in the Excess Crude Account (ECA) was $60.855 million.”

From the total revenue, the Federal Government received N321.226 billion, state governments got N222.514 billion, and the sum of N166.562 billion was distributed to the local governments.

The sum of N50.415 billion was shared to the relevant states as 13 per cent derivation revenue while the distributable statutory revenue of N617.705 billion was available for the month.

From the distributable statutory revenue, the Federal Government received N299.004 billion, state governments received N151.659 billion, and local governments got N116.922 billion.

The sum of N50.120 billion was given to the relevant States as 13 per cent derivation revenue.

“In the month of July 2021, the gross revenue available from the Value Added Tax (VAT) was N151.134 billion,” Ogubike revealed. “This was lower than the N154.465 billion available in the month of June by N3.331billion.

“The sum of N4.534 billion allocation to NEDC and N6.045 billion cost of revenue collection were deducted from the N151.134 billion gross Value Added Tax (VAT) revenue, resulting in the distributable Value Added Tax (VAT) revenue of N140.555billion.”

From the N140.555 billion distributable VAT revenue, the Federal Government received N21.083 billion, state governments received N70.278 billion, and local governments got N49.194 billion.

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.

FAAC Shares N604bn October 2020 Revenue To FG, States And LGs

 

The Federation Accounts Allocation Committee (FAAC) has shared a total of N604.004 billion October 2020 federation account revenue to the Federal, States, and Local Government Councils and agencies.

This was announced after the physical meeting of the Federation Account Allocation Committee (FAAC) for the month of October held at the Federal Ministry of Finance headquarters, Abuja.

According to a statement issued on Wednesday by FAAC’s Director of Information, Hassan Dodo, the meeting was chaired by the Permanent Secretary, Federal Ministry of Finance, Alhaji Aliyu Ahmed.

“From this amount, inclusive cost of collection to NCS, DPR, and FIRS, the Federal Government received N220.751 billion, the States received N161.825 billion, the Local Government councils got N120.588 billion while the oil-producing states received N31.902 billion as derivation (13% of Mineral Revenue) and Cost of Collection/Transfer and Refunds got N48.939 billion,” the statement partly read.

SEE FULL STATEMENT HERE:

The FG, States and LGCs share N604.004 billion for the month of October 2020.

The Federation Accounts Allocation Committee (FAAC), today at its meeting chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Alh. Aliyu Ahmed shared to the three tiers of government, a total sum of N604.004 billion as federation allocation for the month of October 2020.

From this amount, inclusive cost of collection to NCS, DPR and FIRS, the Federal Government received N220.751 billion, the States received N161.825 billion, the Local Government councils got N120.588 billion while the oil producing states received N31.902 billion as derivation (13% of Mineral Revenue) and Cost of Collection/Transfer and Refunds got N48.939 billion.

The communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting, indicated that the Gross Revenue available from the Value Added Tax (VAT) for October, 2020 was N126.463 billion as against  N141.858 billion distributed in the preceding month of September, 2020, resulting in a decrease of N15.395 billion. The distribution is as follows; Federal Government got N17.642 billion, the States received N58.805 billion, Local Government Councils got N41.167 billion, while Cost of Collection/Transfer and Refund got N5.059 billion and Allocation to NEDC project received N3.794 billion.

The distributed Statutory Revenue of  N378.148 billion received for the month was higher than the N341.501 billion received for the previous month by N36.647 billion, from which the Federal government received N166.195 billon, States got N84.296 billion, LGCs got N64.989 billion, Derivation (13% Mineral Revenue) got N21.581 billion and Cost of Collection/ Transfer and Refund got N40.086 billion.

The communique also revealed that Oil and Gas Royalty, Companies Income Tax (CIT) increased substantially. Import Duty, Excise Duty, Value Added Tax (VAT), and Petroleum Profit Tax (PPT) according to the communiqué recorded decreases.

The communiqué further disclosed that the total revenue distributable for the current month was augmented with the sums of N72.000 billion, and N7.392 billion from Forex

Equalization and FGN Intervention respectively, including an augmentation of N20 billion from the Stabilization Account because of low revenue which is to be shared accordingly to the three tiers of government, bringing the total Distributable Revenue to N604.004 billion.

The balance in the Excess Crude Account as at 18th November 2020 stands at $72.409 million.

 

Hassan Dodo

D (Information)

Wednesday, November 18th, 2020