FAAC: FG, States, LG Share N635.8bn (See Breakdown)

The ministry of Finance, Budget and National Planning gives the full breakdown of N635.8 billion in November. 

The Permanent Secretary, Ministry of Finance, Budget and National Planning, Alhaji Isa Dutse, said on Wednesday in Abuja that the Federal, States and Local Governments had shared the sum of N635.8 billion for the month of November.

Alhaji Isa Dutse disclosed this while addressing newsmen after the Federation Account Allocation Committee (FAAC), meeting.

He explained that the amount shared included Value Added Tax (VAT), exchange gain and Forex Equalisation.

According to him, the gross statutory revenue generated for the month was N491.8 billion, which was lower than N596.04 billion received in the previous month, with a difference of N104.1 billion, NAN reports.

The Permanent Secretary said that the Federal Government got N242.2 billion, States N159.9 billion, while Local Governments received N120.2 billion inclusive of VAT.

Alhaji Isa Dutse said that N42.1 billion was allocated to some states as 13 per cent derivation of mineral revenues.

According to Alhaji Isa Dutse, from the Forex Equalisation revenue of N53 billion, the Federal Government received N24.290 billion, States got N12.321 billion, while the Local Government Councils received N9.499 billion.

He said that the sum of N6.8 billion was given to the Oil Producing States as 13 per cent derivation revenue.

Alhaji Isa Dutse stated that in the month of November, revenues from Companies Income Tax(CIT), VAT, import duty, Royalties and Petroleum Profit Tax (PPT) decreased significantly, while Excise Duty increased marginally.

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