FG, states and local governments split N902 billion for November
The Federation Accounts Allocation Committee (FAAC) has shared N902.053 billion to the three levels of government as the Federation Allocation for the month of November.
This is contained in a statement released Thursday by the Director (Information/Press) of the Ministry of Finance, Budget and National Planning, Phil Abiamuwe-Mowete.
Of the 902.053 billion naira, the federal government received 358.515 billion naira, the states received 270.836 billion naira and the local government councils received 204.130 billion naira.
Meanwhile, oil-producing states received N68.572 billion as diversion funds (13% of mining revenue).
N902.053 billion includes gross statutory income, value added tax (VAT), foreign exchange gains and electronic funds transfer levies (EMTL).
The release released stated that the Gross VAT Disposable Income for November was N202.839 billion, which is a decrease from what was distributed the previous month.
“The breakdown is as follows: Federal government got 30.426 billion naira, states got 101.420 billion naira, local government councils got 70.994 billion naira.
“The gross statutory income of N681.079 billion distributed was more than the sum received the previous month.
"Of which the Federal Government received the sum of N323.094 billion, the States obtained N163.878 billion, the LGCs obtained N126.343 billion and the Petroleum Diversion (13% of mining revenue) obtained N67.765 billion naira.
"In addition, the sum of N10.971 billion from Electronic Funds Transfer Levies (EMTL) was distributed to the three levels of government as follows; the Federal Government received N1.646 billion, the States received received N5.485 billion, local government councils received N3.840 billion.
The statement said that of the 7.164 billion naira from foreign exchange gains, the federal government received 3.349 billion naira, the states received 1.699 billion naira and the local governments received 1.309 billion naira.
In addition, Derivation (13% of mining revenue) earned N0.807 billion.
Oil and gas royalties and Petroleum Profits Tax (PPT) recorded significant increases, while import and excise duties increased slightly.
However, VAT and corporation tax (IS) have been reduced considerably.
The statement said total distributable income for November was derived from statutory income of N681.079 billion, VAT of N202.839 billion, foreign exchange gain of N7.164 billion and N10.971 billion from EMTL.
This brought the total distributable funds for the month to N902.053 billion.
However, the Excess Crude Account (ECA) balance as of December 15 was $473,754.57.
(NAN)
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The Federation Accounts Allocation Committee (FAAC) has shared N902.053 billion to the three levels of government as the Federation Allocation for the month of November.
This is contained in a statement released Thursday by the Director (Information/Press) of the Ministry of Finance, Budget and National Planning, Phil Abiamuwe-Mowete.
Of the 902.053 billion naira, the federal government received 358.515 billion naira, the states received 270.836 billion naira and the local government councils received 204.130 billion naira.
Meanwhile, oil-producing states received N68.572 billion as diversion funds (13% of mining revenue).
N902.053 billion includes gross statutory income, value added tax (VAT), foreign exchange gains and electronic funds transfer levies (EMTL).
The release released stated that the Gross VAT Disposable Income for November was N202.839 billion, which is a decrease from what was distributed the previous month.
“The breakdown is as follows: Federal government got 30.426 billion naira, states got 101.420 billion naira, local government councils got 70.994 billion naira.
“The gross statutory income of N681.079 billion distributed was more than the sum received the previous month.
"Of which the Federal Government received the sum of N323.094 billion, the States obtained N163.878 billion, the LGCs obtained N126.343 billion and the Petroleum Diversion (13% of mining revenue) obtained N67.765 billion naira.
"In addition, the sum of N10.971 billion from Electronic Funds Transfer Levies (EMTL) was distributed to the three levels of government as follows; the Federal Government received N1.646 billion, the States received received N5.485 billion, local government councils received N3.840 billion.
The statement said that of the 7.164 billion naira from foreign exchange gains, the federal government received 3.349 billion naira, the states received 1.699 billion naira and the local governments received 1.309 billion naira.
In addition, Derivation (13% of mining revenue) earned N0.807 billion.
Oil and gas royalties and Petroleum Profits Tax (PPT) recorded significant increases, while import and excise duties increased slightly.
However, VAT and corporation tax (IS) have been reduced considerably.
The statement said total distributable income for November was derived from statutory income of N681.079 billion, VAT of N202.839 billion, foreign exchange gain of N7.164 billion and N10.971 billion from EMTL.
This brought the total distributable funds for the month to N902.053 billion.
However, the Excess Crude Account (ECA) balance as of December 15 was $473,754.57.
(NAN)
Support the integrity and credibility journalism of PREMIUM TIMES Good journalism costs a lot of money. Yet only good journalism can guarantee the possibility of a good society, an accountable democracy and a transparent government. For free and continued access to the best investigative journalism in the country, we ask that you consider providing modest support to this noble endeavour. By contributing to PREMIUM TIMES, you are helping to sustain relevant journalism and ensure it...What's Your Reaction?
