How FG, States, LGs Shared N601bn From Federation Account

The Federation Accounts Allocation Committee has shared the sum of N601.11bn to the three tiers of government as revenue for the month of November.

This was announced after the Federation Account Allocation Committee meeting for the month of December 2020 held at the Federal Ministry of Finance headquarters, Abuja.

The meeting was chaired by Permanent Secretary, Federal Ministry of Finance, Alhaji Aliyu Ahmed.

The total distributable revenue of N601.11bn comprised statutory revenue of N436.45bn; Value Added Tax revenue of N156.78bn and augmentation of N7.86bn from the Forex Equalisation revenue.

During the month of November, the gross statutory revenue of N436.457bn was higher than the N378.148bn received in the previous month by N58.3bn.

The gross revenue of N156.78bn available from the Value Added Tax was also higher than the N126.46bn available in the previous month by N30.32bn.

A communiqué issued by the Federation Account Allocation Committee on Wednesday night indicated that from the total distributable revenue of N601.11bn; the Federal Government received N215.6bn, the State Governments received N171.16bn while the Local Government Councils received N126.78bn.

The oil producing states got N31.39bn as 13 per cent mineral revenue, while cost of collection, transfers and refunds tobrevenue generating agencies was put at N56.16bn.

Also, the Federal Government received N190.12bn from the gross statutory revenue of N436.45bn; while the State Governments received N96.43bn and the Local Government Councils got N74.34bn. 

From Value Added Tax revenue of N156.78bn, the Federal Government received N21.87bn, the State Governments received N72.9bn; the Local Government Councils received N51.034bn, while cost of collection, transfers and refunds to revenue generating agencies was N10.97bn.

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; while Companies Income Tax recorded a sharp drop.

The balance in the Excess Crude Account as at 16th December, 2020 was put at $72.41m.