The Federation Accounts Allocation Committee (FAAC) has shared a total of ₦635.826 billion to the three tiers of government for the month of November 2019.
This was announced at the FAAC meeting chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Dr. Mahmoud Isa-Dutse.
The ₦635.826 billion was the total of revenues from the Statutory Revenue, Value Added Tax (VAT), Exchange Gain and Forex Equalisation.
The FAAC also disclosed that as at yesterday, the balance in the Excess Crude Account was $324.539 million.
The gross statutory revenue for the month of November 2019 was ₦491.875billion. It was lower than the ₦596.041 billion received in the previous month by ₦104.166 billion.
Revenue from the Value Added Tax (VAT) was ₦90.166 billion as against ₦104.910 billion distributed in the preceding month, resulting in a decrease of ₦14.744 billion.
Exchange Gain revenue was ₦0.785 billion and the Forex Equalisation yielded ₦53 billion.
A communique issued by the Federation Account Allocation Committee (FAAC) indicated that from the total revenue of ₦635.826 billion, the Federal Government received ₦267.883 billion, the States received ₦172.569 billion, and the Local Government Councils received ₦129.972 billion.
The Oil Producing States received ₦49.124 billion as 13 percent derivation revenue and the Revenue Generating Agencies received ₦16.277 billion as cost of revenue collection.
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