The Federation Accounts Allocation Committee(FAAC) has injected N601.110 billion into the economy to deepen the capacity of the three tiers of government to undertake statutory obligations.
The injection is the November 2020 allocation to the three components of government for payment of salaries and others and was augmented with N7.867 billion that was drawn from the Forex Equalisation Account.
Director of Information in the Ministry of Finance, Budget and National Planning, Hassan Dodo, disclosing in a statement Wednesday, said the Federal Government received N215.6billion, the States received N171.167 billion, and the Local Government councils got N126.789 billion.
Other beneficiaries are the oil-producing states that received N31.392 billion as derivation (13% of Mineral Revenue) while N56.162 billion was for Cost of Collection/Transfer and Refunds for the NCS, DPR and FIRS.
At the meeting that was chaired by the Permanent Secretary Ministry of Finance, Aliyu Ahmed, the committee stated that money available from the Value Added Tax (VAT) for sharing in November 2020 was N156.786 billion and representing N30.23 billion increase over N126.463 billion that was distributed in the preceding month of October 2020.
From the VAT account, the Federal Government got N21.872 billion, the States received N72.906 billion, Local Government Councils got N51.034 billion, while Cost of Collection – FIRS and NCS got N6.271 billion and Allocation to NEDC project received N4.704 billion.
Equally, there was also an increase in the Statutory Revenue available for sharing among the three tiers in November. It was N436.457 billion and N58.309 billion more than N378.148 billion that was received for the previous month. The Federal government received N190.122 billion, States got N96.433 billion, LGCs got N74.345 billion, Derivation (13% Mineral Revenue) got N30.370 billion and Cost of Collection/ Transfer and Refund got N45.187 billion.
The Oil and Gas Royalty, Import Duty, Excise Duty, Value Added Tax (VAT), and Petroleum Profit Tax (PPT) also increased substantially while Companies Income Tax (CIT) recorded a sharp drop.
The balance in the Excess Crude Account as at 16th December 2020 stands at $72.411 million.
Comments are closed.