Nigeria facing existential threat - World Bank
President Muhammadu Buhari and Minister of Finance, Mrs Zainab Ahmed

Nigeria’s federal government, 36 states and FCT, as well as 774 local government councils shared the sum of N601.110 billion as federation allocation for the month of November, 2020

This was disclosed by Mr Aliyu Ahmed, Permanent Secretary, Ministry of Finance, Budget and National Planning, in a statement at the end of the Federation Accounts Allocation Committee (FAAC) meeting in Abuja on Wednesday.

Ahmed stated that the total amount shared represented the cost of collection to Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR), and the Federal Inland Revenue Service (FIRS).

He said the three tiers of government shared the revenue as follows:

The Federal Government received N215.600 billion.
States got N171.167 billion.
Local government councils had N126.789 billion.
For the Niger Delta oil-producing states, the 13% derivations summed up to N31.392 billion, while the Cost of Collection/Transfer and Refund was N56.162 bn.

Gross revenue from the Value Added Tax (VAT) for November amounted to N156.786 billion, as against the N126,463 billion distributed in October, indicating an increase of N30.323 bn.

“The distribution is as follows; Federal Government got N21.872 bn, the states received N72.906 bn, Local Government Councils got N51.034 bn, while Cost of Collection – FIRS and NCS was N6.271 bn and Allocation to the NEDC project amounted to N4.704 bn,” a communiqué issued by the committee read.

“The distributed Statutory Revenue of N436.457 bn received for the month, was higher than the N378.148 bn received for the previous month by N58.309 bn.

“From the total, the Federal Government received N190.122 bn, states got N96.433 bn, LGCs got N74.345 bn, while the 13 per cent Derivation from Mineral Revenue amounted to N30.370 bn and Cost of Collection/ Transfer and Refund got N45.187 bn.”

The Excess Crude account currently stands at $72.411 million.

The communiqué also said Oil and Gas Royalty, Import Duty, Excise Duty, VAT, and Petroleum Profit Tax (PPT) increased substantially, while Companies Income Tax (CIT) recorded a sharp drop

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