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FG, States, LGs Share N812.8bn In November

A total of N812.762 billion has been distributed as Federal Allocation for the month of November 2018 between the Federal, States and Local Government Councils.

The communiqué issued by the Technical Sub-Committee of the Federation Accounts Allocation Committee (FAAC) at the end of its December meeting, in Abuja, indicated that the statutory revenue received in November was N649.629 billion.

The sum was lower than the N682.161 billion received in the previous month by N32.533 billion.

Breakdown of the total distributable revenue of N812.762 billion comprised the Statutory Revenue of N649.629billion, Gross Value Added Tax of N92.079billion, Forex Equalization of N70.000 billion and an Exchange Gain of N1.055 billion.

Federal Government received N280.913 billion representing 52.68% from the statutory revenue, States received N142.483 billion representing 26.72%; Local Government Councils received N109.848 billion representing 20.60%; while the Oil Producing States received N47.882 billion also representing 13% derivation revenue.

Furthermore, the breakdown of distribution to the three tiers from Value Added Tax (VAT), include: Federal Government received N13.259 billion representing 15%; States received N44.198 billion representing 50% while the Local Government Councils received N30.938 billion, also representing 35%.

The committee put the balance on Excess Crude Account as at 19th December, 2018 at $631 million.

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