…..Get N267.883b, N172.569b, N129.972b Respectively
By Dayo Omoogun
The Federation Account Allocation Committee (FAAC), Wednesday in Abuja, shared to the Federal Government, States and Local Government Councils a sum total of N635.826 billion as federal allocation for the month of November 2019.
This was disclosed to newsmen on Wednesday at the end of the Committee meeting by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning Mahmoud Isa- Dutse who chaired the meeting.
A breakdown shows that the Federal Government received N267.883b, States N172.569b, Local Government Councils 129.972b while Oil Producing states received 49.124b as derivation revenue. The revenues were made up of Statutory Revenue, Value Added Tax (VAT), Exchange Gain and Forex Equalisation.
He added that there was a negative variance on most of the revenue heads such as Value Added Tax (VAT), Companies Income Tax (CIT), Royalties, Import duty, Petroleum Profit Tax (PPT) when compared to the previous month except the Excise duty which increased marginally.
A communique issued at the end of the meeting showed that the Excess Crude Account (ECA) balance as at 19th November, 2019 stood at 324.968 million dollars.