The Federation Accounts Allocation Committee has shared a total of N601.1bn November 2020 Federation Account revenue to the federal, state and local governments and agencies.
This was announced on Thursday after the FAAC meeting for the month of December 2020 held at the Federal Ministry of Finance headquarters, Abuja.
The meeting was chaired by the Permanent Secretary, Federal Ministry of Finance, Aliyu Ahmed.
The total distributable revenue of N601.1bn comprised statutory revenue of N436.46bn; Value Added Tax revenue of N156.79bn and augmentation of N7.86bn from the forex equalisation revenue.
The gross statutory revenue of N436.46bn available for the month of November 2020 was higher than the N378.15bn received in the previous month by N58.31bn.
The gross revenue of N156.79bn available from the Value Added Tax was also higher than the N126.46bn available in the previous month by N30.32bn.
A communiqué issued by allocation committee indicated that from the total distributable revenue of N601.1bn, the Federal Government received N215.6bn, state governments received N171.167bn and the Local Government Councils received N126.79bn.
The relevant states received N31.39bn as 13 per cent mineral revenue, while cost of collection, transfers and refunds had allocation of N56.16bn.
The Federal Government received N190.12bn from the gross statutory revenue of N436.46bn; state governments received N96.43bn and the Local Government Councils received N74.35bn.
A total of N30.37bn was given to the relevant states as 13 per cent mineral revenue and N45.19bn was the total for cost of collection, transfers and refunds.
The Federal Government received N21.87bn from the Value Added Tax revenue of N156.79bn.
The state governments received N72.91bn, the Local Government Councils received N51.03bn, while cost of collection, transfers and refunds had allocation of N10.98bn.
From the N7.87bn augmentation from the forex equalisation revenue, the Federal Government received N3.61bn, state governments received N1.83bn, the Local Government Councils received N1.41bn and the relevant states received N1.02bn as 13 per cent mineral revenue.
According to the communiqué, in the month of November 2020, Petroleum Profit Tax, Import Duty, Excise Duty, Value Added Tax and Oil and Gas Royalty decreased substantially.
It said Companies Income Tax recorded a sharp drop.
The balance in the Excess Crude Account stood at $72.41m as of December 16.
PUNCH