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Market Digest Nigeria

Finance

FAAC: Federal, States, Councils share N601.1b

The federal, state and local governments on Wednesday shared N601.1billion from the November 2020 Federation Account revenue.

At the end of the monthly Federation Accounts Allocation Committee (FAAC) in Abuja, it was stated that the 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 totalling N601.1 billion was shared.

The gross statutory revenue of N436.457 billion available for 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 VAT was also higher than the N126.463 billion available in the previous month by N30.323 billion.

A communiqué by the 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 per cent mineral revenue derivation, while N56.162 billion was disbursed as cost of collection, transfers and refunds.

The Federal Government pocketed N190.122 billion from the gross statutory revenue of N436.457 billion; the state governments received N96.433 billion and the Local Governments collected N74.345 billion.

N30.370  billion was given to the oil mineral producing states as 13 percent  mineral revenue and N45.187 billion was the total cost of  collection, transfers and refunds.

The Federal Government received N21.872 billion from the VAT revenue of N156.786 billion.

Also from VAT, state governments got N72.906 billion; Local Governments received N51.034 billion, while cost of collection, transfers and refunds had amounted to N10.975 billion.

From the N7.867 billion augmentation from the Forex Equalisation revenue, the Federal Government received N3.606 billion, the state governments N1.829 billion, Local Governments got N1.410 billion and oil mineral producing states received N1.022 billion as 13 per cent mineral revenue.

According to the communiqué, the Petroleum Profit Tax (PPT),  Import Duty, Excise Duty, VAT and Oil and Gas Royalty for last month decreased substantially just like the Companies Income Tax (CIT).

Meanwhile, the balance in the Excess Crude Account (ECA) as at yesterday was $72.411 million.

THISDAY

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