- The federal, state and local governments in Nigeria shared a total of N635.826 billion for the month of November 2019
- The revenue is sourced from various taxes and collections and shared through the Federation Accounts Allocation Committee (FAAC)
- Oil producing states also got shares as 13% derivation as shown by the breakdown
The Federation Accounts Allocation Committee (FAAC), on Wednesday, December 18, confirmed sharing N635.826 billion to the central, state and local governments in Nigeria for November 2019.
FAAC also announced that Nigeria currently has $324.539 million in the Excess Crude Account (ECA).
At the meeting, it was announced that the N635.826 billion was the total sourced from the statutory revenue, Value Added Tax (VAT), exchange gain and forex equalization.
The Nation reports that the gross statutory revenue for November 2019 put at N491.875 billion was said to be lower than what was derived in October which was N596.041 billion.
A breakdown of the revenue shows:
Revenue from the Value Added Tax (VAT) - N90.166 billion against the N104.910 billion derived in October.
Exchange Gain revenue - N0.785 billion
Forex Equalization yielded N53 billion.
A breakdown of the sharing formula also shows that:
The federal government - N267.883 billion
The 36 states - N172.569 billion
The local government councils - N129.972 billion.
Oil producing states - N49.124 billion (as 13% derivation revenue)
Revenue generating agencies - N16.277 billion (as cost of revenue collection).
Breakdown of sharing formula from the gross statutory revenue of N491.875 billion:
Federal government - N230.243 billion
States - N116.782 billion
Local government councils - N90.034 billion
Oil producing states - N42.144 billion (as 13% derivation revenue)
Revenue collecting agencies - N12.671 billion (as cost of revenue collection).
Sharing from Value Added Tax (VAT) revenue of N90.166 billion
Federal government - N12.984 billion
States - N43.280 billion
Local government councils - N30.296 billion
Revenue collecting agencies - N3.606 billion.
Sharing of forex equalization revenue of N53 billion
Federal government - N24.290 billion
States - N12.321 billion
Local government councils - N9.499 billion
Oil producing states - N6.890 billion (as 13% derivation revenue).
Legit.ng earlier reported that President Muhammadu Buhari recently requested the Nigerian Senate to approve a foreign loan to the tune of $30 billion for the federal government.
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