• $324.539m in ECA

BY COBHAM NSA, ABUJA – The three tiers of government have shared a total of N635.826 billion from the Federation Accounts Allocation Committee (FAAC) as revenue for the month of November 2019.  

The N635.826 billion came as total accruals from the Statutory Revenue, Value Added Tax (VAT), Exchange Gains and Forex Equalization for the period under consideration.

Also, the FAAC meeting, chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Mahmoud Isa-Dutse, announced that current balance in the Excess Crude Account stood at $324.539 million as at December  18, 2019.

However, figures released by FAAC indicated the gross statutory revenue for November 2019 that came to N491.875 billion was lower by N104.166 billion than the N596.041 billion netted in the month of October.

The figures further confirmed that the Value Added Tax (VAT) revenue dropped by N14.744 billion to N90.166 billion as against N104.910 billion distributed in the preceding month. This is as the Exchange Gain revenue stood at N0.785 billion while the Forex Equalization yielded N53 billion in revenue. 

According to the FAAC communique, from the revenue totalling N635.826 billion, the Federal Government got N267.883 billion, while the States received N172.569 billion, with N129.972 billion going to the 774 Local Government Councils in the country. 

As usual, the Oil Producing States took home N49.124 billion as 13 per cent derivation revenue, even as the Revenue Generating Agencies got N16.277 billion as their cost of revenue collection.

Detailed breakdown of the revenue distribution indicated that from the gross statutory revenue of N491.875 billion, the Federal Government got N230.243 billion, the States received N116.782 billion, and the Local Government Councils went home with N90.034 billion.

Similarly, the Oil Producing States smiled home with N42.144 billion as 13 per cent derivation revenue just as the Revenue Collecting Agencies bagged N12.671 billion as cost of revenue collection.

From the VAT revenue totalling N90.166 billion, the Federal Government bagged N12.984 billion, the States received N43.280  billion, the Local Government Councils got N30.296 billion and the Revenue Collecting Agencies received N3.606 billion.  

A statement by Henshaw Ogubike, Deputy Director, Press and Public Relations in the Office of the Accountant General of the Federation (OAGF), said the Forex Equalization revenue of N53 billion saw N24.290 billion going to the Federal Government coffers; the States got N12.321 billion; and the Local Government Councils got N9.499 billion while the Oil Producing States shared N6.890 billion as 13 per cent derivation revenue. 

The communique also stated that the month of November 2019 witnessed significant drop in revenues from Companies Income Tax (CIT), Value Added Tax  (VAT), import duty, Royalties, Petroleum Profit Tax (PPT).

However. the only marginal increased recorded during the month came through Excise Duty collected by the Nigeria Customs Service.

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