New naira notes
By Temitope Ponle
The Federation Account Allocation Committee (FAAC), has shared N902.053 billion to the three tiers of government as Federation Allocation for the month of November.
This is contained in a statement issued by Mr Phil Abiamuwe-Mowete, the Director (Information/Press), Ministry of Finance, Budget and National Planning on Thursday.
From N902.053 billion, the Federal Government received N358.515 billion, the states received N270.836 billion, and the Local Government Councils got N204.130 billion.
Meanwhile, the oil producing states received N68.572 billion as derivation fund, (13 per cent of Mineral Revenue).
The N902.053 billion is inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Exchange Gain and Electronic Money Transfer Levies (EMTL).
The communiqué issued indicated that the Gross Revenue available from the VAT for November was N202.839 billion which was a decrease of what was distributed in the preceding month.
“The distribution is as follows, Federal Government got N30.426 billion, the states received N101.420 billion, Local Government Councils got N70.994 billion.
“The Gross Statutory Revenue of N681.079 billion distributed was higher than the sum received in the previous month.
“From which the Federal Government was allocated the sum of N323.094 billion, states got N163.878 billion, LGCs got N126.343 billion, and Oil Derivation (13 per cent Mineral Revenue) got N67.765 billion.
“Also, the sum of N10.971 billion from the Electronic Money Transfer Levies (EMTL) was distributed to the three tiers of government as follows; the Federal Government received N1.646 billion, states got N5.485 billion, Local Government Councils received N3.840 billion.”
The communiqué said that out of the N7.164 billion from Exchange Gain, the Federal Government received N3.349 billion, states got N1.699 billion, and LGCs received N1.309 billion.
Moreover, Derivation (13 per cent of Mineral Revenue) got N0.807 billion.
The Oil and Gas Royalties and Petroleum Profit Tax (PPT) recorded significant increases, while Import and Excise Duties increased marginally.
However, VAT and Companies Income Tax (CIT) decreased considerably.
The communiqué said the total revenue distributable for November was drawn from Statutory Revenue of N681.079 billion, VAT of N202.839 billion, Exchange Gain of N7.164 billion, and N10.971 billion from EMTL.
This brought the total distributable funds for the month to N902.053 billion.
However, the balance in the Excess Crude Account (ECA) as at Dec. 15, stood at 473,754.57 dollars. (NAN
