-Blank NEWS Online (NIGERIA):
Blank NEWS Online can authoritatively report that a total sum of N635.826 billion have been shared among the Federal Government, States and Local Government Councils, as federal allocation for the month of November 2019.
A statement by the Director of Information, Federal Ministry of Finance, Budget and National Planning, Hassan Dodo, revealed that the allocation is inclusive of Value Added Tax (VAT), Exchange Gain and Forex Equalization.
The sharing formula, according to Mr Dodo is as follows:
*FG received N267.883 billion, representing 52.68 percent.
*States received N172.569 billion representing 26.72 percent.
*Local Government Councils got N129.972 billion, representing 20.60%.
*Oil-producing states received N49.124 billion as 13 percent derivation mineral revenue.
Meanwhile, the cost of collection/Transfers/ FIRS refund stood at N16.277 billion.
“The Federal Account Allocation Committee (FAAC), indicated that the Gross Revenue available from the Value Added Tax (VAT) for November 2019 was N90.166 billion as against the N104.910 billion distributed in the previous month of October 2019, resulting in a decrease of N14.744 billion.”
He further explained that the distributed Statutory Revenue received for the month of November was N491.875 billion, lower than the N596.041billion received in the previous month.
“Revenues from Value Added Tax (VAT), Companies Income Tax (CIT), Royalties, Import duty, Petroleum Profit Tax (PPT) all decreased significantly, while Excess duty increased marginally.
“The total revenue distributable for the current month (including VAT, Exchange Gain and Forex Equalization) according to the committee is N635.826 billion, adding that as at November 19th, 2019, the Excess Crude Account (ECA) is $324.968 million.”