FAAC: FG, States, LG share N812.76bn

<p class=””>The Federal Government, States and Local Governments have shared N812.76 billion as revenue for the month of November.</p>

<h1>The Permanent Secretary, Ministry of Finance, Mr Mahmoud Isa-Dutse said this on Wednesday in Abuja, while briefing newsmen on the outcome of the Federal Account Allocation Committee (FAAC) meeting.</h1>

<p class=””>Giving a breakdown of the revenue accrued in November, <strong>Isa-Dutse</strong> said that the Mineral revenue reduced by N100.8 billion, from N522.6 billion recorded in October to N421.8 billion in November.</p>

<p class=””>Also, the Non-Mineral Revenue increased by N68.2 billion, from N159.4 billion in October , to N227.7 billion in November</p>

<p class=””>He said also that the Value Added Tax (VAT) collected for the month reduced from N100.9 billion in October to N88.3 billion in November.</p>

<p class=””>“<em>The gross statutory revenue of N649.6 billion received for the month was lower than the N682.1 billion received in the previous month by N32.5 billion.</em></p>

<p class=””><em>“The revenue from the Companies Income Tax (CIT) increased significantly.</em></p>

<p class=””><em>“However, revenue from Foreign Oil and Gas, Domestic Oil and Gas, Royalties, Petroleum Profit Tax, import and Excise duties and Value Added Tax decreased,</em>” he said.</p>

<p class=””>Isa-Dutse said in summary that the Federal Government received N280.9 billion, States N142.48 billion and N109.84 billion was received by the local governments.</p>

<p class=””>According to him, N47.8 billion representing 13 per cent of the mineral revenue was shared to oil producing states.</p>

<p class=””>Isa-Dutse announced that 2.246 billion dollars was withdrawn and shared to states as part of the Paris Club refund.</p>

<p class=””>To this end, he said that the Excess Crude Account had gone down from 2.319 billion dollars in October, to 631 million dollars in the month of November.</p>

<p class=””>“<em>The deductions was for the final payment of the Paris Club Refund. The final payments to states have been made and the figure was deducted from the Excess Crude Account.</em></p>

<p class=””><em>“A decision was taken to make these refunds and part of that decision is for the refund to be funded from the Excess Crude Account.</em></p>

<p class=””><em>“All the required approvals were obtained from the President and Federal Executive Council,</em>” he said.</p>
Source: News

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