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The Federation Account Allocation Committee (FAAC) has shared N902.053 billion to the three tiers of presidency as Federation Allocation for the month of November.
That is contained in an announcement issued by the Director (Info/Press), Ministry of Finance, Funds and Nationwide Planning, Phil Abiamuwe-Mowete, on Thursday.
From the N902.053 billion, the federal authorities obtained N358.515 billion, the states obtained N270.836 billion, and the native authorities councils bought N204.130 billion.
In the meantime, the oil-producing states obtained N68.572 billion as derivation fund, (13 per cent of Mineral Income).
The N902.053 billion is inclusive of Gross Statutory Income, Worth Added Tax (VAT), Change Acquire and Digital Cash Switch Levies (EMTL).
The communiqué issued indicated that the Gross Income accessible from the VAT for November was N202.839 billion which was a lower from what was distributed within the previous month.
“The distribution is as follows, Federal Authorities bought N30.426 billion, the states obtained N101.420 billion, Native Authorities Councils bought N70.994 billion.
“The Gross Statutory Income of N681.079 billion distributed was larger than the sum obtained within the earlier month.
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“From which the Federal Authorities was allotted the sum of N323.094 billion, states bought N163.878 billion, LGCs bought N126.343 billion, and Oil Derivation (13 per cent Mineral Income) bought N67.765 billion.
“Additionally, the sum of N10.971 billion from the Digital Cash Switch Levies (EMTL) was distributed to the three tiers of presidency as follows; the Federal Authorities obtained N1.646 billion, states bought N5.485 billion, Native Authorities Councils obtained N3.840 billion.”
The communiqué stated that out of the N7.164 billion from Change Acquire, the federal authorities obtained N3.349 billion, states bought N1.699 billion, and native governments obtained N1.309 billion.
Furthermore, Derivation (13 per cent of Mineral Income) bought N0.807 billion.
The Oil and Fuel Royalties and Petroleum Revenue Tax (PPT) recorded important will increase, whereas Import and Excise Duties elevated marginally.
Nevertheless, VAT and Corporations Revenue Tax (CIT) decreased significantly.
The communiqué stated the entire income distributable for November was drawn from Statutory Income of N681.079 billion, VAT of N202.839 billion, Change Acquire of N7.164 billion, and N10.971 billion from EMTL.
This introduced the entire distributable funds for the month to N902.053 billion.
Nevertheless, the stability within the Extra Crude Account (ECA) as of December 15, stood at $473,754.57.
(NAN)
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