FG, States, LGAs to share N676b for November

The Federal Government (FG), 36 States and Federal Capital Territory (FCT), and the 774 Local Government Areas in the country have shared a total sum of N675.946 billion as the November, 2021, subvention as designed by the Federation Accounts Allocation Committee (FAAC).  

The money, according to the FAAC, is N4.036 billion higher than what was shared in October.

This was contained in a communiqué issued on Friday at the end of a virtual meeting of the Federation Account Allocation Committee (FAAC) for December 2021.

The N675.946 billion total distributable revenue comprised distributable statutory revenue of N488.674 billion; distributable Value Added Tax (VAT) revenue of  N182.678 billion, Exchange Gain of N4.156 billion and Excess Bank Charges Recovered of N0.438 billion.

In November 2021, the total deductions for cost of collection were N30.957 billion and the total deductions for statutory transfers, refunds and savings was N136.908 billion. The balance in the Excess Crude Account (ECA) was $35.365 million.

The communiqué confirmed that from the total distributable revenue of N675.946 billion, the Federal Government received N261.441 billion, the State Governments received N210. 046 billion and the Local Government Councils received N155.456 billion. The sum of N49.003 billion was shared to the relevant States as 13% derivation revenue.

The distributable statutory revenue of N488.674 billion was available for the month. From this, the Federal Government received N231.863 billion, the State Governments received N117.604 billion and the Local Government Councils received N90.668 billion.

Also Read: Nigerians to pay more taxes in 2022 – Finance Minister

The sum of N48.540 billion was shared to the relevant States as 13% derivation revenue, the FAAC said.

In the month under review, the gross revenue available from the Value Added Tax (VAT) was N196.175 billion. This was higher than the N166.284 billion available in the month of October 2021 by N29.891 billion.

N5.650 billion allocation to the North East Development Commission (NEDC) and N7.847 billion cost of collection were deducted from the N196.175 billion gross Value Added Tax (VAT) revenue, resulting in the distributable Value Added Tax (VAT) revenue of N182.678 billion.

From the N182.678 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N27.402 billion, the State Governments received N91.339 billion and the Local Government Councils received N63.937 billion.

The Federal Government received N1.946 billion from the total Exchange Gain revenue of N4.156 billion. The State Governments received N0.986 billion, the Local Government Councils received N0.761 billion and N0.463 billion was shared to the relevant States as 13% derivation revenue.

The Federal Government received N0.231billion, the State Governments received N0.117billion and the Local Government Councils received N0.090 billion from the N0.438 billion Excess Bank Charges Recovered.

According to the Communiqué, in the month of November 2021, Petroleum Profit Tax (PPT), Oil and Gas Royalties, Companies Income Tax (CIT) and Value Added Tax (VAT), increased remarkably. Also, Import and Excise Duty increased marginally.