FAAC : FG, States, LG share N812.76bn

The Permanent Secretary, Ministry of Finance, Mr Mahmoud Isa-Dutse said this on Wednesday in Abuja, while briefing newsmen on the outcome of the Federal Account Allocation Committee (FAAC) meeting. Giving a breakdown of the revenue accrued in November, Isa-Dutse said that the Mineral revenue reduced by N100.8 billion, from N522.6 billion recorded in October to N421.8 billion in November. Also, the Non-Mineral Revenue increased by N68.2 billion, from N159.4 billion in October , to N227.7 billion in November He said also that the Value Added Tax (VAT) collected for the month reduced from N100.9 billion in October to N88.3 billion in November. “The gross statutory revenue of N649.6 billion received for the month was lower than the N682.1 billion received in the previous month by N32.5 billion. “The revenue from the Companies Income Tax (CIT) increased significantly. “However, revenue from Foreign Oil and Gas, Domestic Oil and Gas, Royalties, Petroleum Profit Tax, import and Excise duties and Value Added Tax decreased,” he said. Isa-Dutse said in summary that the Federal Government received N280.9 billion, States N142.48 billion and N109.84 billion was received by the local governments. According to him, N47.8 billion representing 13 per cent of the mineral revenue was shared to oil producing states. Isa-Dutse announced that 2.246 billion dollars was withdrawn and shared to states as part of the Paris Club refund. To this end, he said that the Excess Crude Account had gone down from 2.319 billion dollars in October, to 631 million dollars in the month of November. “The deductions was for the final payment of the Paris Club Refund. The final payments to states have been made and the figure was deducted from the Excess Crude Account. “A decision was taken to make these refunds and part of that decision is for the refund to be funded from the Excess Crude Account. “All the required approvals were obtained from the President and Federal Executive Council,” he said. (NAN)]]>

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