FAAC shares ₦1.08trn November revenue to FG, states, LGCs

This is according to the communique issued by the FAAC at its meeting on Friday.

The communique said that the distributable revenue comprised statutory revenue of ₦376.306 billion, Value Added Tax (VAT) revenue of ₦335.656 billion, Electronic Money Transfer Levy (EMTL) revenue of ₦11.952 billion and Exchange Difference revenue of ₦364.869 billion.

According to the communique, total revenue of ₦1.620 trillion was available in the month of November.

“Total deductions for cost of collection was ₦60.960 billion; total transfers, interventions and refunds was ₦470.592 billion.

“Gross statutory revenue of ₦882.560 billion was received for the month of November. This was higher than the ₦660.090 billion received in the month of October by ₦222.470 billion.

“The gross revenue available from VAT in November was ₦360.455 billion. This was higher than the ₦347.343 billion available in October by ₦13.112 billion,” it said.

The communique said that from the ₦1.088.783 trillion total distributable revenue, the Federal Government received ₦402.867 trillion, the state governments received ₦351.697 billion and the LGCs received ₦258.810 billion.

“A total sum of ₦75.410 billion (13 per cent of mineral revenue) was shared with the benefiting States as derivation revenue.

“From the ₦376.306 billion distributable statutory revenue, the Federal Government received ₦174.908 billion, the State governments received ₦88.716 billion and the LGCs received ₦68.396 billion.

“The sum of ₦44.286 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue,” it said.

It said that the federal government received ₦50.348 billion, the state governments received ₦167. 828 billion and the LGCs received ₦117.480 billion from the ₦335.656 billion distributable VAT revenue.

“The communique further said that from the ₦11.952 billion EMTL, the Federal Government received ₦1.793 billion, the State Governments received ₦5.976 billion and the LGCs received ₦4.183 billion.”

It added that the federal government received ₦175.817 billion from the ₦364.869 billion exchange difference revenue, while the state governments received ₦89.177 billion, and the LGCs received ₦68.751 billion.

“The sum of ₦31.124 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue.

“In the month of November, companies income tax, excise duty, petroleum profit tax, oil and gas royalties and VAT increased considerably, while CET levies, Import Duty and EMTL recorded decreases,” it said.

It announced that the balance in the Excess Crude Account was 473.754 million dollars.