FAAC: FG, states, local govt share N812.76bn for November

FACC: FG, states, local governments share N695bn for February
Minister of Finance, Zainab Ahmed

The total amount shared by the Federal Government, States and Local Governments as revenue for the month of November is N812.76 billion.

The Permanent Secretary, Ministry of Finance, Mr Mahmoud Isa-Dutse, made this known on Wednesday in Abuja while briefing journalists on the outcome of the  Federal Account Allocation Committee, FAAC, meeting.

He said while the Federal Government received N280.9 billion, States got N142.48 billion and N109.84 billion went to local governments.

N47.8 billion representing 13 per cent of the mineral revenue was shared to oil producing states, Isa-Dutse said.

He also disclosed that the revenue accrued in November reduced by N100.8 billion.

From N522.6 billion recorded in October it went down to N421.8 billion in November.

The Non-Mineral Revenue, according to him, increased by N68.2 billion, from N159.4 billion in October , to N227.7 billion in November.

He added that there was a reduction in the Value Added Tax (VAT) collected for the month of November.

He said while N100.9 billion was recorded in October, N88.3 billion was recorded in November.

“The gross statutory revenue of N649.6 billion received for the month was lower than the N682.1 billion received in the previous month by N32.5 billion.

“The revenue from the Companies Income Tax (CIT) increased significantly.

“However, revenue from Foreign Oil and Gas, Domestic Oil and Gas, Royalties, Petroleum Profit Tax, import and Excise duties and Value Added Tax decreased,” he added.

Isa-Dutse revealed that 2.246 billion dollars was withdrawn and shared to states as part of the Paris Club refund.

According to him, the Excess Crude Account had gone down from 2.319 billion dollars in October, to 631 million dollars in the month of November.

He said further:  “The deductions were for the final payment of the Paris Club Refund. The final payments to states have been made and the figure was deducted from the Excess Crude Account.

“A decision was taken to make these refunds and part of that decision is for the refund to be funded from the Excess Crude Account.

“All the required approvals were obtained from the President and Federal Executive Council.”