X-mas celebration: Govt. revenue rises as FAAC shares N609.958bn for November

The nation’s federally collected revenue recorded an increase, occasioned by rising crude oil price from $48.66 to $52.07 in the month under review, leading the Federation Accounts Allocation Committee, FAAC, to share N609.958 billion, among the three tiers of government on Saturday.

Accountant General of the Federation (AGF), Ahmed Idris: FAAC shares N77.25b more in November

The amount is slightly higher by N77.200 billion compared to the  N532.758 billion that was distributed in the previous month.

This amount is made up of a total of statutory distributable revenue of N549.532 billion for the month under review and Value Added Tax (VAT), revenue of N80.426 billion.

The N529.533 billion distributable statutory revenue for the month was slightly higher than the N443.045 billion collected in the previous month by N86.488 billion.

Out of this amount, FIRS provided N133.083 billion, DPR N91.287 billion, Nigerian Customs N60.387 and N20.000 billion transfer to Excess Crude Petroleum Profit Tax and Royalty.

A breakdown of the amount, showed that the Federal government received N248.22 billion, States on the other hand received N125.904 billion, and Local Governments got N97.067billon, while oil derivation States got 43.215 billion.

Value Added Tax (VAT) collection for the period was N77.209 billion, which was slightly lower by N8.915 billion, than N86.124 collected in the previous month.

For the VAT distribution, Federal government received 11.581, N38.605 billion went to States, while Local Governments got N27.023 billion.

Briefing newsmen at the end of the meeting, the Chairman of FAAC, Mrs. Kemi Adeosun, who was represented by the Accountant General of the Federation, Ahmed Idris, said  the allocation came earlier than scheduled due to need to enable states pay December salaries.

On details of what the $1  million ordered for release by Federal  Executive Council would be used for, the AGF said: ‘‘The appropriate institutions like the military which will utilise the money will do that. I don’t know anything about it, I am not in the theatre of war, they know where to apply the fund as directed.

On why the money should be taken, he said: ‘‘The money ordinarily, should have been distributed to the three tiers of government  but if a percentage of the money is used to secure the country, I don’t think, there is anything wrong  with that.  The federation has decided and an instruction has been given and there is no dissenting position to that as to why the directive has been given. If Ekiti state governor does not agree with that directive, he should channel his grievances to the Governors forum.’’

On the release of the third trench of Paris Club refunds, the AGF said : ‘‘I know it is something that is regular and  there is nothing faulty about it.  As at today, 27 states have been paid and the last trench is being processed to be paid to the relevant states.’’

The Chairman, Commissioners’ forum, Mahmoud Yunusa, said: ‘‘figures are looking much better than what was shared in the previous month and would assist them  to  at least pay salaries   before the Yuletide season.’’