FAAC : FG, States, LG share N812.76bn

The Federal Government, States and Local Governments have shared
N812.76 billion as revenue for the month of November.

The Permanent Secretary, Ministry of Finance, Mr Mahmoud
Isa-Dutse said this on Wednesday in Abuja, while briefing newsmen
on the outcome of the Federal Account Allocation Committee (FAAC)
meeting.

Giving a breakdown of the revenue accrued in November, Isa-Dutse
said that the Mineral revenue reduced by N100.8 billion, from
N522.6 billion recorded in October to N421.8 billion in
November.

Also, the Non-Mineral Revenue increased by N68.2 billion, from
N159.4 billion in October , to N227.7 billion in November

He said also that the Value Added Tax (VAT) collected for the
month reduced from N100.9 billion in October to N88.3 billion in
November.

“The gross statutory revenue of N649.6 billion received for the
month was lower than the N682.1 billion received in the previous
month by N32.5 billion.

“The revenue from the Companies Income Tax (CIT) increased
significantly.

“However, revenue from Foreign Oil and Gas, Domestic Oil and
Gas, Royalties, Petroleum Profit Tax, import and Excise duties and
Value Added Tax decreased,” he said.

Isa-Dutse said in summary that the Federal Government received
N280.9 billion, States N142.48 billion and N109.84 billion was
received by the local governments.

According to him, N47.8 billion representing 13 per cent of the
mineral revenue was shared to oil producing states.

Isa-Dutse announced that 2.246 billion dollars was withdrawn and
shared to states as part of the Paris Club refund.

To this end, he said that the Excess Crude Account had gone down
from 2.319 billion dollars in October, to 631 million dollars in
the month of November.

“The deductions was for the final payment of the Paris Club
Refund. The final payments to states have been made and the figure
was deducted from the Excess Crude Account.

“A decision was taken to make these refunds and part of that
decision is for the refund to be funded from the Excess Crude
Account.

“All the required approvals were obtained from the President and
Federal Executive Council,” he said. (NAN)

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