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FAAC Shares N601bn in November

A total of N601.1 billion was shared on Wednesday to the federal, state, local governments and statutory agencies, being the Federation Accounts Allocation for the month of November, 2020.

This was announced on after the 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, Aliyu Ahmed.

The total distributable revenue of N601.1bn comprised statutory revenue of N436.457bn; Value Added Tax revenue of N156.786bn and augmentation of N7.86bn from the forex equalisation revenue.

The gross statutory revenue of N436.457bn available for the month of November 2020 was higher than the N378.148bn received in the previous month by N58.309bn.

The gross revenue of N156.786bn available from the Value Added Tax was also higher than the N126.463bn available in the previous month by N30.323bn.

A communiqué issued by allocation committee indicated that from the total distributable revenue of N601.1bn, the Federal Government received N215.6bn, state governments received N171.167bn and the Local Government Councils received N126.789bn.

The relevant states received N31.392bn as 13 per cent mineral revenue, while cost of collection, transfers and refunds had allocation of N56.162bn.

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

A total of N30.37bn was given to the relevant states as 13 per cent mineral revenue and N45.187bn was the total for cost of collection, transfers and refunds.

The Federal Government received N21.872bn from the Value Added Tax revenue of N156.786bn.

The state governments received N72.906bn, the Local Government councils received N51.034bn, while cost of collection, transfers and refunds had allocation of N10.975bn.

From the N7.867bn augmentation from the forex equalisation revenue, the Federal Government received N3.606bn, state governments received N1.829bn, the Local Government councils received N1.41bn and the relevant states received N1.022bn as 13 per cent mineral revenue.

According to the communiqué, in the month of November 2020, Petroleum Profit Tax, Import Duty, Excise Duty, Value Added Tax and Oil and Gas Royalty decreased substantially.

It said Companies Income Tax recorded a sharp drop.

The balance in the Excess Crude Account as at December 16, 2020 was $72.411m.

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