BY EDMOND ODOK – The Federation Accounts Allocation Committee (FAAC) has distributed a total of N675.946 billion to the Federal Government, the 36 States and the 774 Local Government Councils as accruable Federation Account Revenue for the month of November 2021.
A statement by Henshaw Ogubike, Director of Information, Press and Public Relations at the Office of the Accountant General of the Federation (OAGF), said the N675.946 billion “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.”
According to the statement, the figures are contained in a communiqué issued at the end of a virtual FAAC meeting for December 2021, which also indicated that in November 2021, the total deductions for the collection cost were N30.957 billion while total deductions for statutory transfers, refunds, and savings were N136.908 billion, leaving the balance in the Excess Crude Account (ECA) at $35.365 million.
Similarly, the communiqué confirmed that “from the total distributable revenue of N675.946 billion; the Federal Government received N261.441billion, the State Governments received N210. 046 billion and the Local Government Councils received N155.456 billion.” with the sum of N49.003 billion going to the relevant States as 13 per cent derivation revenue.
It further explained that of the distributable statutory revenue of N488.674billion available for the month, the Federal Government got N231.863 billion, the State Governments received N117.604 billion while N90.668 billion went to the Local Government Councils with the relevant States sharing the sum of N48.540 billion as 13 per cent derivation income.
“In the month of November 2021, 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 N29.891billion.
“The sum of N5.650 billion allocation to NEDC and N7.847 billion cost of the collection were deducted from the N196.175 billion gross Value Added Tax (VAT) revenue, resulting in the distributable Value Added Tax (VAT) revenue of N182.678billion.
“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 statement said.
Furthermore, the Federal Government got N1.946 billion from the total Exchange Gain revenue of N4.156 billion with the State Governments receiving N0.986 billion, the Local Government Councils getting N0.761 billion, and N0.463 billion going to the relevant States as 13 per cent derivation revenue.
From the N0.438 billion excess bank charges recovered, the Federal Government received N0.231billion, the State Governments got N0.117billion while the Local Government Councils received N0.090 billion.
According to the Communiqué, the month of November 2021 also witnessed a remarkable increase in Petroleum Profit Tax (PPT), Oil and Gas Royalties, Companies Income Tax (CIT), and Value Added Tax (VAT) while there was also a marginal increase in the Import and Excise Duty.
