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The federal government, the 36 states and the 744 local councils shared about N635.8 billion as allocation from the Federation Account for the month of November 2019.

At the end of the monthly Federation Account Allocation Committee (FAAC) meeting on Wednesday in Abuja, the Accountant General, Ahmed Idris, said as at November 19, the balance in the Excess Crude Account (ECA) stood at about $324.9 million.

Mr Idris said the distributable revenue for the month included collection from the value added tax (VAT), Exchange Gain and foreign exchange equalisation.

A communiqué read by the Accountant General of the Federation showed gross revenue available from the Value Added Tax (VAT) for November 2019 was about N90.2 billion as against the N104.9 billion distributed in the previous month of October 2019, a decrease of N14.7 billion.

Also, the distributed statutory revenue was about N491.9 billion, which was lower by N104.2 billion than the N596.041billion received in the previous month.

The communiqué further showed revenues from VAT, Companies Income Tax (CIT), Royalties, Import duty, Petroleum Profit Tax (PPT) all decreased significantly, except Excise duty which recorded a marginal increase.

The federal government received N267.9 billion, representing 52.68 per cent, the States N172.6 billion or 26.72 per cent, Local Government Councils N129.9 billion, or 20.60 per cent, while the oil producing states go N49.1 billion as 13 per cent derivation mineral revenue.

Cost of revenue collection, transfers, FIRS refund was N16.3 billion.


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