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

FAAC Shares N639.9bn September 2020 Revenue To FG, States And LGs

 

The Federation Accounts Allocation Committee (FAAC) has shared a total of N639.901 billion September 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. The meeting was chaired by Permanent Secretary, Federal Ministry of Finance, Alhaji Aliyu Ahmed.

The total distributable revenue of N639.901billion comprised statutory revenue of N341.501 billion; Value Added Tax (VAT) revenue of N141.858 billion; N39.542 billion from Forex Equalisation; N45 billion from Non-oil Excess Revenue and N72 billion Federal Government Intervention Revenue.

The gross statutory revenue of N341.501 billion available for the month of September 2020 was lower than the N531.830 billion received in the previous month by N190.329 billion.

The gross revenue of N141.858 billion available from the Value Added Tax (VAT) was also lower than the N150.230 billion available in the previous month by N8.372 billion.

A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that from the total distributable revenue of N639.901 billion; the Federal Government received N255.748 billion, the State Governments received N185.645 billion and the Local Government Councils received N138.444 billion.

The relevant States received N36.188 billion as 13% mineral revenue, while the cost of collection and transfers had allocation of N23.876 billion.

The Federal Government received N161.131 billion from the gross statutory revenue of N341.501 billion; the State Governments received N 81.728 billion and the Local Government Councils received N63.009 billion. N21.688 billion was given to the relevant States as 13% mineral revenue and N13.964 billion was the total for the cost of collection, transfers, and refunds.

The Federal Government received N19.789 billion from the Value Added Tax (VAT) revenue of N141.858 billion. The State Governments received N65.964 billion; the Local Government Councils received N46.175 billion, while cost of collection, transfers and refunds had allocation of N9.930 billion.

From the N39.542 billion Forex Equalisation revenue, the Federal Government received N18.123 billion, the State Governments received N9.192 billion, the Local Government Councils received N7.087 billion and the relevant States received N5.140 billion as 13% mineral revenue.

The communique confirmed that out of the N45 billion Non-oil Excess Revenue, the Federal Government received N23.706 billion, the State Governments received N12.024 billion and the Local Government Councils received N9.270 billion.

The Federal Government received N32.999 billion, the State Governments received N16.737 billion, the Local Government Councils received N12.904 billion and the relevant States received N9.360 billion as 13% mineral revenue from the N72 billion Federal Government Intervention Revenue.

According to the Communiqué, in the month of September 2020, Companies Income Tax (CIT) and Oil and Gas Royalty decreased significantly; Import Duty and Value Added Tax (VAT) decreased marginally, while Petroleum Profit Tax (PPT) and Excise Duty recorded increases.

The balance in the Excess Crude Account (ECA) as of 15th October 2020 was $72.409 million.

FG, States Received N3.88tn From FAAC In Six Months

EFCC Discovers 49m Naira At Kaduna Airport

 

 

The Federation Accounts Allocation Committee (FAAC) on Tuesday said it shared N3.879 trillion to the Federal Government, States, local government areas, and other statutory recipients in the first half of 2020.

In a statement by the committee’s Director, Communications and Advocacy, Orji Ogbonnaya, the Federal Government received a total of N1.53 trillion while the states got N1.29 trillion and the 774 local government areas received N771.34 billion.

Mr Orji stated that the figures, based on the latest edition of the quarterly review of the Nigeria Extractive Industries Transparency Initiative (NEITI), were very volatile.

Giving a further breakdown, Mr Orji explained that the N1.53trillion received by the FG in H1 2020 was 4.28% lower than the N1.599 trillion it got in the first half of 2019 and 7.36% lower than the N1.652 trillion it received in the first half of 2018.

Similarly, he stated that it was the same “for states, a total of N1.298 trillion was disbursed in the first half of 2020. This was 2.8% lower than the N1.35 trillion disbursed in the first half of 2019, and 5.6% lower than the N1.375 trillion disbursed in the first half of 2020.

“For local government areas, the 2020 first half disbursements were 2.64% and 3.04% lower than the corresponding disbursements for 2019 and 2018 respectively.”

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Mr Orji pointed out that the total FAAC disbursements in the second quarter of 2020 were slightly lower than the N1.945 trillion disbursed in the first quarter of 2020. This aligned with the projections made in the previous issue of the NEITI Quarterly Review which projected lower FAAC disbursement in the second quarter.

He added that the NEITI report attributed the 0.55% decrease in Q2 2020 to a couple of factors, namely: “rebound in oil prices in the second quarter as a result of ease of lockdowns by countries across the world and the adjustment of the official exchange rate by the CBN from N307/$1 to N360/$1 in March resulting in higher naira disbursements.

“Disbursements were very volatile in the first half of 2020, compared to 2018 and 2019. Unlike 2018 and 2019 where aggregate disbursements increased and decreased in successive months, in 2020 they fell for two straight months, increased in one month, and then decreased for two straight months,” he stated.

The NEITI spokesman also disclosed that from January to May 2020, actual government revenue was N1.62 trillion, representing “62% of the expected pro-rata revenue of N2.62 trillion from the revised budget”. That also explained a shortfall of 38% in government revenue for the first five months of the year. As oil prices continue to rise, and with the increased pace of economic activities, NEITI projects that “Government revenue will perform better in the second half of 2020, with the possibility of shortfalls in revenue compared to budgeted figures.”

He stressed that the net FAAC disbursements and deductions for states for the first half of 2020 had wide disparities.

“Total net disbursements received by Delta State (N100.81 billion) were higher than the combined total net disbursements of N99.47 billion received by six states – Osun, Cross River, Plateau, Ogun, Gombe, and Ekiti.

“Also, the combined total net disbursements of N321.29 billion received by the four highest receiving states of Delta, Akwa Ibom, Rivers, and Bayelsa were higher than the combined total net disbursements of N314.08 billion received by 16 states – Osun, Cross River, Plateau, Ogun, Gombe, Ekiti,  Zamfara, Kwara, Nassarawa, Ebonyi, Taraba, Benue, Adamawa, Ondo, Bauchi, and Abia”. While Lagos State had the highest deductions, Yobe State had the lowest,” he stated.

FAAC Shares Over N651bn June 2020 Revenue To FG, States And LGAs

 

The Federation Accounts Allocation Committee (FAAC) has shared a total of 651.184 billion as of June 2020 Federation Account Revenue to the Federal, States and Local Governments Councils and relevant agencies in the country.

This was contained in a communiqué by the Federation Account Allocation Committee (FAAC) after its monthly meeting for July 2020 held through virtual conferencing; chaired by the Accountant General of the Federation, Ahmed Idris FCNA

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. 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.

The balance in the Excess Crude Account (ECA) as of 16th July 2020 was $72.407 million.

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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. Also, 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 communiqué indicated 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.

The Oil Producing States received 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

The Federal Government received N227.584 billion from the gross statutory revenue, the State Governments received N115.434 billion and the Local Government Councils received N88.995 billion. The sum of N24.722 billion was given to the relevant States as a 13% derivation revenue.

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

The communiqué confirmed that the Federal Government received N20.576 billion, the State Governments received N10.436 billion, the Local Government Councils received N8.046 billion and the Oil Producing States received N3.774 billion from the Exchange Gain revenue.

The Communiqué stated that in the month of June 2020, Import and Excise Duty, Value Added Tax, Companies Income Tax, Oil and Gas Royalty recorded significant increases while Petroleum Profit Tax declined.

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.

 

FG, States And LGCs Share N606.196bn In April

 

The Federation Accounts Allocation Committee (FAAC) on Friday at its meeting via Virtual Conferencing, chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Dr. Mahmoud Isa-Dutse, shared to the three tiers of government, a total sum of N606.196 billion as federal allocation for the month of April 2020.

From this amount, inclusive of VAT, Exchange Gain, Solid Mineral Revenue, Excess Bank Charges and Excess Oil Revenue, the Federal Government received N169.831 billon, the States received N86.140 billion, Local Government councils got N66.411 billion, while the oil producing states received N32.895 billion as derivation (13% Mineral Revenue).

However, cost of collection/FIRS Refund/ Allocation to North East Development Commission and Transfer to Excess Oil Revenue was N15.134 billion.

In a communique issued by the Federation Accounts Allocation Committee (FAAC) at the end of the meeting, indicated that the Gross Revenue available from the Value Added Tax (VAT) for April 2020 was N94.495 billion as against the N120.268 billion distributed in the preceding month of March 2020, resulting in a decrease of N25.772 billion. The distribution is as follows; Federal Government got N13.182 billion, the States received N43.941 billion, Local Government Councils got N30.758 billon.

The distributed Statutory Revenue of N370.411billion received for the month was lower than the N597.676 billion received for the previous month by N227.265 billion.

The communique also revealed that Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Import and Export Duties, Oil and Value Added Tax (VAT), all recorded decreases.

The total revenue distributable for the current month (including cost of collection to NCS, DPR and FIRS) according to the committee is N606.196 billion.

FAAC: Avoid Sharing All Proceeds From Federation Account, CBN Tells FG

 

The Federal Government has been asked to caution the rate at which all the proceeds from the Federal allocation are being shared across all tiers of government.

This is according to the Monetary Policy Committee (MPC) of the Central Bank of Nigeria who disclosed this on Friday at the apex bank’s headquarters in Abuja.

The committee headed by the governor of the apex bank, Godwin Emefiele, called on the fiscal authorities to ensure that they build cushions that will help reduce the rising public debt.

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The MPC noted that the rate at which public debt was rising faster than both domestic and external revenue is a major concern that the fiscal authorities should strongly consider.

“The MPC, however, cautioned that public debt was rising faster than both domestic and external revenue, noting the need to tread cautiously in interpreting the debt to GDP ratio.

“The Committee also noted the rising burden of debt services and urged the Fiscal Authorities to strongly consider building buffers by not sharing all the proceeds from the Federation Account at the monthly FAAC meetings to avert a macroeconomic downturn, in the event of an oil price shock.”

The committee noted that the reliance on oil should gradually reduce and the Federal Government should ensure that the cost of governance is reduced.

“Government to gradually reduce reliance on oil receipts and focus on revenue diversification through reforms of the tax system.

“The Committee also called on Government to rationalize fiscal expenditure towards reducing the current excessively high cost of governance.”

In December 2019, a total of N716.298 billion was shared between the Federal Government, States, and Local Government Councils.

According to the Deputy Director, Press and Public Relations, Federation Accounts Allocation Committee (FAAC), Henshaw Ogubike, the total sum comprised revenue from Value Added Tax (VAT), Exchange Gain and the Statutory Revenue.

Ogubike stated that as of January 15, 2020, the balance in the Excess Crude Account (ECA) was $324.968 million.

FAAC Shares N716.2bn To FG, States And LG’s For December 2019

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The Federation Accounts Allocation Committee (FAAC) has shared a sum total of N716.298 billion to the Federal Government, States and Local Government Councils for December 2019.

A statement by the Deputy Director, Press and Public Relations, Henshaw Ogubike, said the total sum comprised revenue from Value Added Tax (VAT), Exchange Gain and the Statutory Revenue.

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It stated that from the total revenue, the Federal Government received N287.929 billion, the State Governments received N191.302 billion, and the Local Government Councils received N143.698 billion.

Oil Producing States received N50.279 billion as 13 percent derivation revenue and the Revenue Generating Agencies received N43.089 billion as the cost of revenue collection.

“A breakdown of the distribution showed that from the gross statutory revenue of N600.314 billion, the Federal Government received N271.361 billion, the State Governments received N137.638 billion, the Local Government Councils received N106.113 billion, the Oil Producing States received N50.149 billion as 13% derivation revenue and the Revenue Collecting Agencies received N35.053 billion as cost of collection.

“From the Value Added Tax (VAT) revenue of N114.806, the Federal Government received N16.015 billion, the State Governments received N53.386 billion, the Local Government Councils received N37.369 billion and the Revenue Generating Agencies received N8.036 billion as cost of revenue collection.”

The statement added that in December 2019, there were significant increases in revenues from Companies Income Tax(CIT), Value Added Tax (VAT) Oil and Gas Royalties and Petroleum Profit Tax (PPT), while import duty increased marginally.

Meanwhile, as of January 15, 2020, the balance in the Excess Crude Account (ECA) was $324.968 million.

FAAC: FG, States And LGs Share N635.8bn For November

 

The Federal Government, States and Local Government Councils have shared a sum total of N635.826 billion as federal allocation for the month of November 2019.

A statement by the Director of Information, Federal Ministry of Finance, Budget and National Planning, Hassan Dodo, said that the allocation is inclusive of Value Added Tax (VAT), Exchange Gain and Forex Equalization.

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Giving a breakdown, Mr Dodo revealed that “FG received N267.883 billion, representing 52.68 percent, the States received N172.569 billion representing 26.72 percent, Local Government Councils got N129.972 billion, representing 20.60%, while the oil-producing states received N49.124 billion as 13 percent derivation mineral revenue; adding that the cost of collection/Transfers/ FIRS refund was N16.277 billion.

“The Federal Account Allocation Committee (FAAC), indicated that the Gross Revenue available from the Value Added Tax (VAT) for November 2019 was N90.166 billion as against the N104.910 billion distributed in the previous month of October 2019, resulting in a decrease of N14.744 billion.”

He stated that the distributed Statutory Revenue received for the month of November was N491.875 billion, lower than the N596.041billion received in the previous month.

“Revenues from Value Added Tax (VAT), Companies Income Tax (CIT), Royalties, Import duty, Petroleum Profit Tax (PPT) all decreased significantly, while Excess duty increased marginally.

“The total revenue distributable for the current month (including VAT, Exchange Gain and Forex Equalization) according to the committee is N635.826 billion, adding that as at November 19th, 2019, the Excess Crude Account (ECA) is $324.968 million.”