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FAAC: FG, states, LGs share N601.110bn revenue
TRACKING____The Federation Accounts Allocation Committee (FAAC) at its meeting last night approved total sum of N601.110 billion (November revenue) for three tires of governments. The meeting which held at federal ministry of finance was chaired by Permanent Secretary, Federal Ministry of Finance, Alhaji Aliyu Ahmed.
The amount shared comprised statutory revenue of N436.457 billion; Value Added Tax (VAT) revenue of N156.786 billion and augmentation of N7.867 billion from the Forex Equalisation revenue. The gross statutory revenue of N436.457 billion available for the month of November 2020 was higher than the N378.148 billion received in the previous month by N58.309 billion. The gross revenue of N156.786 billion available from the Value Added Tax (VAT) was also higher than the N126.463 billion available in the previous month by N30.323 billion. Federal Government received N215.600 billion, states received N171.167 billion while Local Government Councils received N126.789 billion. Oil producing states received N31.392 billion as 13% mineral revenue, while cost of collection, transfers and refunds had allocation of N56.162 billion.
The Federal Government received N190.122 billion from the gross statutory revenue of N436.457 billion; the State Governments received N96.433 billion and the Local Government Councils received N74.345 billion. N30.370 billion was given to the relevant States as 13% mineral revenue and N45.187 billion was the total for cost of collection, transfers and refunds. Of Value Added Tax ( VAT) sum of N156.786 billion, Federal Government received N21.872 , states received N72.906 billion while Local Government Councils received N51.034 billion.
Cost of collection, transfers and refunds amount to N10.975 billion. From N7.867 billion augmentation from the Forex Equalisation revenue, the federal government received N3.606 billion, states got N1.829 billion; Local Government Councils received N1.410 billion and the relevant States received N1.022 billion as 13% mineral revenue.
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