Date: 2019-12-20

The Federation Account Allocation Committee (FAAC) has approved the sum of N635.826 billion for sharing to three tires of government for the month of November.

The amount was less than N702.058 billion distributed in previous month (October).

Permanent Secretary, Ministry of Finance, Budget and Planning, Dr. Mahmoud Isa-Dutse, who presided over the FAAC meeting, confirmed the figures yesterday in Abuja.

The N635.826 billion comprised all the revenues – Statutory Revenue, Value Added Tax (VAT), Exchange Gain and Forex Equalization.

The gross statutory revenue for the month of November 2019 was N491.875 billion. It was lower than the N596.041 billion received in the previous month by N104.166 billion.

Revenue from the VAT was N 90.166 billion as against N104.910 billion distributed in the preceding month, resulting in a decrease of N14.744 billion. Exchange Gain revenue was N0.785 billion and the Forex Equalization yielded N53 billion.

Breakdown of amount shared indicated that from the total revenue of N635.826 billion, the Federal Government received N267.883 billion, the states received N172.569 billion, and the Local Government Councils received N129.972 billion. The Oil Producing States received N49.124 billion as 13% derivation revenue and the revenue generating agencies received N16.277 billion as cost of revenue collection.

A breakdown of the distribution showed that from the gross statutory revenue of N491.875 billion, the Federal Government received N230.243 billion, the states received N116.782 billion, the Local Government Councils received N90.034 billion, the oil producing states received N42.144 billion as 13% derivation revenue and the revenue collecting agencies received N12.671 billion as cost of revenue collection.

From the VAT revenue of N90.166 billion, the Federal Government received N12.984 billion, the states received N43.280 billion, the Local Government Councils received N30.296 billion and the revenue collecting agencies received N3.606 billion.

From the Forex Equalization revenue of N53 billion, the Federal Government received N24.290 billion, the states received N12.321 billion, the Local Government Councils received N9.499 billion and the oil producing states received N6.890 billion as 13% derivation revenue.

The balance in the Excess Crude Account (ECA) as 18th December, 2019 was $324.539 million.