FG, States, LGs Receive N671.9bn from FAAC

By Aduragbemi Omiyale

The sum of N671.9 billion has been shared with the federal government, states and local governments by the Federation Accounts Allocation Committee (FAAC) for November 2021.

The money was disbursed to the tiers of government from the federation account for the revenue generated by the country in October 2021.

It was gathered that the federal government was allocated N284.292 billion, the 36 states were given N209.838 billion, while the 774 local councils got N156.282 billion.

According to a communiqué issued on Wednesday by the Acting Director of Information in the Ministry of Finance, Budget and National Planning, Mr Oshundun Olajide, oil-producing states received N21.498 billion as 13 per cent derivation of mineral revenue.

It was stated that the FAAC meeting for this month took place in Lagos at the end of the National Council on Finance and Economic Development (NACOFED) conference.

For the month under consideration, the gross revenue available from the VAT was N166.284 billion compared with N170.850 billion in the preceding month, resulting in a decrease of N4.566 billion.

The notice further stated that in the month, there was a decline in the distributed statutory revenue by N284.419 billion to N407.864 billion from N692.283 billion.

“Of this, the federal government received N180.551 billion, states got N91.578 billion, LGCs got N70.603 billion, derivation (13 per cent mineral revenue) got N21.118 billion, cost of collection received N17.940 billion while transfers and refunds got N26.075 billion.”

In addition, last month, Companies Income Tax (CIT), Petroleum Profit Tax (PPT), and Oil and Gas Royalties decreased considerably, while there was a slight decline in VAT and import, with excise duty increasing marginally.

It was also disclosed that there were N100 billion augmentations of while the federal government received N52.680 billion, states got N26.720 billion and LGCs N20.6 billion, while the N50 billion raked from non-oil revenue, N26.340 billion was given to the federal government, N13.360 billion was allotted to state governments and N10.3 billion was given to the councils.

The statement stated that the amount left in the Excess Crude Account (ECA) stood at $60.860 million.