Home Business FG, States, LGCs share N601.11bn for Nov, Says Perm Sec

FG, States, LGCs share N601.11bn for Nov, Says Perm Sec

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The Federal Government, States and Local government Councils shared N601.11billion for November, Mr Aliyu Ahmed, Permanent Secretary, Ministry of Finance, Budget and National Planning has said.

Director of Information in the ministry, Mr Hassan Dodo quoted Ahmed as disclosing this in a statement issued at the end of the Federation Accounts Allocation Committee (FAAC) meeting  in Abuja on Wednesday.

Ahmed said that the N601.11billion shared, represented the cost of collection to Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and the Federal Inland Revenue Service (FIRS).

According to the permanent secretary, the Federal Government received N215.600billion, states got N171.167billion, while local government councils had N126.789billion.

He added that the oil producing states received N31.392billion as 13 per cent derivation from Mineral Revenue, while Cost of Collection/Transfer and Refund was N56.162billion.

A communiqué issued by the committee, stated that the gross revenue available from the Value Added Tax (VAT) for November amounted to N156.786 billion, as against the N126,463 billion distributed in October, indicating an increase of N30.323 billion.

“The distribution is as follows; Federal Government got N21.872 bn, the states received N72.906 bn, Local Government Councils got N51.034 bn, while Cost of Collection – FIRS and NCS was N6.271 bn and Allocation to the NEDC project amounted to N4.704 bn.

“The distributed Statutory Revenue of  N436.457 billion received for the month, was higher than the N378.2 billion received for the previous month by N58.309 billion.

From the total, the Federal Government received N190.122 billion, states got N96.433 billion, LGCs got N74.345 billion, while the 13 per cent Derivation from Mineral Revenue amounted to N30.370 billion and Cost of Collection/ Transfer and Refund got N45.187 billion.”

The communiqué also revealed that Oil and Gas Royalty, Import Duty, Excise Duty, VAT, and Petroleum Profit Tax (PPT) increased substantially, while Companies Income Tax (CIT) recorded a sharp drop.

Furthermore, it disclosed that total revenue distributable for the current month was augmented with the sum of N7.867 billion drawn from the Forex Equalisation Account.

Meanwhile, the balance in the Excess Crude Account as at December stands at $72.411mllion, the communique said.

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