FG, States, Councils Share N635.8bn in November

By Adedapo Adesanya

The Ministry of Finance, Budget and National Planning has revealed that the Federal, States and Local Governments of the federation shared the sum of N635.8 billion for the month of November.

This was disclosed by Mr Isa Dutse, the Permanent Secretary of the ministry while addressing newsmen after the Federation Account Allocation Committee (FAAC), meeting held in Abuja on Wednesday.

He explained that the amount shared included Value Added Tax (VAT), exchange gain and Forex Equalisation. According to Mr Dutse, the gross statutory revenue generated for the month was N491.8 billion, which was lower than N596.04 billion received in the previous month, with a difference of N104.1 billion.

The permanent secretary further said that the federal government got N242.2 billion, while all the states received a total of N159.9 billion, while 774 local governments were allotted N120.2 billion inclusive of VAT. He added that N42.1 billion was allocated to some states as 13 percent derivation of mineral revenues.

According to him, from the Forex Equalisation revenue of N53 billion, the federal government received N24.29 billion, states got N12.32 billion, while the local government councils received N9.5 billion. He said that the sum of N6.8 billion was given to the Oil Producing States as 13 percent derivation revenue.

Mr Dutse stated that in the month of November, revenues from Companies Income Tax (CIT), VAT, import duty, Royalties and Petroleum Profit Tax (PPT) all decreased significantly, while excise duty increased marginally.