FAAC Allocates N675.94bn To FG, States, LG

The Federation Accounts Allocation Committee (FAAC) has shared a total of N675.946bn November 2021 Federation Account Revenue to the Federal Government, States and Local Government Councils.  

This was contained in a communiqué issued at the end of a virtual meeting of the Committee for December 2021.

The N675.946bn total distributable revenue comprised statutory revenue of N488.67bn; Value Added Tax (VAT) revenue of N182.678bn, Exchange Gain of N4.156bn and Excess Bank Charges Recovered of N0.438bn.

In November 2021, the total deductions for cost of collection was N30.957bn and the total deductions for statutory transfers, refunds and savings was N136.908bn. The balance in the Excess Crude Account (ECA) was $35.365m. 
 

The communiqué confirmed that from the total revenue of N675.946bn; the Federal Government received N261.441bn, the State Governments received N210. 046 billion and the Local Government Councils received N155.456 billion. The sum of N49.003 billion was shared to the relevant States as 13% derivation revenue.

The distributable statutory revenue of N488.674bn was available for the month. From this, the Federal Government received N231.863bn, the State Governments received N117.604bn and the Local Government Councils received N90.668bn. The sum of N48.540 billion was shared to the relevant States as 13 per cent derivation revenue.

According to the Communiqué, in the month of November 2021, Petroleum Profit Tax (PPT), Oil and Gas Royalties, Companies Income Tax (CIT) and Value Added Tax (VAT), increased remarkably. Also, Import and Excise Duty increased marginally.