FAAC: FG, States and LGCs Share N675.946 bn for Nov 2021.
The Federation Accounts Allocation Committee (FAAC), at its meeting chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Alh. Aliyu Ahmed, through virtual conference shared to the three tiers of government, a total sum of N675.946 billion as federation allocation for the month of November, 2021.
From this amount, inclusive cost of collection to NCS, NUPRC and FIRS, the Federal Government received N261.441 billion, the States received N210.046 billion, the Local Government councils got N155.456 billion while the oil producing states received N49.003 billion as derivation (13% of Mineral Revenue).
The communiqué issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting, indicated that the Gross Revenue available from the Value Added Tax (VAT) for November, 2021 was N196.175 billion as against N166.284 billion distributed in the preceding month of October, 2021, resulting in an increase of N29.891 billion. The distribution is as follows; Federal Government got N27.402 billion, the States received N91.339 billion, Local Government Councils got N63.937 billion, while Cost of Collection – FIRS and NCS got N7.847 billion and Allocation to NEDC project received N5.650 billion.
The distributed Statutory Revenue of N643.481 billion received for the month was higher than the N407.864 billion received for the previous month by N235.617 billion, from which the Federal government received N231.863 billon, States got N117.604 billion, LGCs got N90.668 billion, Derivation (13% Mineral Revenue) got N48.540 billion and Cost of Collection/ Transfer and Refund got N23.110 billion and N131.258 billion respectively.
The communiqué also revealed that Value Added Tax (VAT), Petroleum Profit Tax (PPT), Oil and Gas Royalties, Companies Income Tax (CIT) increased remarkably, while Import and Excise Duties increased marginally.
The Distributable Statutory Revenue of N488.674 billion, VAT of N182.678 billion, Exchange Gain of N4.156 billion and Excess Bank charges Recovered of N0.438 billion, bringing the total distributable revenue for the month to N675.946 billion.