Federal Allocation drops in November



Min. of finance


The Permanent Secretary, Ministry of Finance, Mahmoud Isa-Dutse, confirmed during a media briefing on the outcome of the Federation Account Allocation Committee’s (FAAC) meeting that N635.82bn was shared to the three tiers of government as revenue for November.

 

He said the Federal Government received N267.88bn. The state governments got N172.56bn, while local governments received N129.97bn after the cost of collection of the revenue to the Federal Inland Revenue Service (FIRS) has been deducted.

 

The cost of collection of the revenue to the FIRS was put at N16.27bn.

 

In addition, Isa-Dutse said the sum of N49.12bn was allocated to the oil producing states based on the 13 per cent derivation principle.

 

Revenue from exchange gain was estimated at N785m while the the statutory revenue generated was N491.87bn with Value Added Tax and foreign exchange equalisation revenue put at N53bn.

 

According to him, the gross revenue of N491.87bn received for the month was lower than the N596.04bn received in the month of October by N104.16bn.

 

“Revenues from Companies Income Tax, Value Added Tax, import duty, royalties, Petroleum Profit Tax all decreased significantly while excise duty increased marginally.”

 

This accounted for a reduction in the amount shared this period by the three tiers of government in comparison to that shared in October which stood at N702.05bn, a decrease of N66.23bn.

 

The balance in the Excess Crude Account was put at $324.96m by Isa-Dutse.

 

The meeting was attended by commissioners of finance from the 36 states and representatives of revenue generating agencies.