FG, states, LGs share N812.762 billion in November

Federation Account Allocation Committee (FAAC) Wednesday shared N812.762 billion to the federal, states and local government councils as their November 2018 allocation.

The communiqué issued by the Technical Sub -committee FAAC at the end of its December meeting, indicated that gross statutory revenue received was N649.629 billion.

This sum is lower than the N682.161 billion received in the previous month by N32.533 billion.
Breakdown of the total distributable revenue of N812.762 billion, comprised the statutory revenue of N649.629billion, gross value Added tax of N92.079billion, foreign exchange equalisation of N70.000 billion and exchange rate gain of N1.055 billion.

From the gross statutory revenue, Federal Government received N280.913 billion representing 52.68%; states received N142.483 billion representing 26.72%; local government councils received N109.848 billion representing 20.60%; while the oil producing states got N47.882 billion also representing 13% derivation revenue.
Furthermore, the breakdown of distribution to the three tiers from Value Added Tax (VAT), include: Federal Government received N13.259 billion representing 15%; States received N44.198 billion representing 50% while the Local Government Councils received N30.938 billion, also representing 35%.

Meanwhile, the Communique added that the revenue from the Company Income Tax(CIT) increased significantly while revenues from Value Added Tax (VAT), Import Duty, Petroleum Profit Tax (PPT) and Foreign Oil and Gas, Domestic Oil and Gas Royalties all decreased.

Balance in excess crude account as at December 19, 2018 was $631 million.

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