The Federation Accounts Allocation Committee (FAAC) has shared a total of N635.826 billion to the three tiers of government for the month of November 2019.

This was announced at the FAAC meeting chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Dr. Mahmoud Isa-Dutse.

The N635.826 billion was the total of revenues from the Statutory Revenue, Value Added Tax (VAT), Exchange Gain and Forex Equalisation.

The FAAC also disclosed that as at yesterday, the balance in the Excess Crude Account was $324.539 million.

The gross statutory revenue for the month of November 2019 was N491.875billion. It was lower than the N596.041 billion received in the previous month by N104.166 billion.

Revenue from the Value Added Tax (VAT) was N90.166 billion as against N104.910 billion distributed in the preceding month, resulting in a decrease of N14.744 billion.

Exchange Gain revenue was N0.785 billion and the Forex Equalisation yielded N53 billion.

A communique issued by the Federation Account Allocation Committee (FAAC) indicated that from the total revenue of N635.826 billion, the Federal Government received N267.883 billion, the States received N172.569 billion, and the Local Government Councils received N129.972 billion.

The Oil Producing States received N49.124 billion as 13 percent derivation revenue and the Revenue Generating Agencies received N16.277 billion as cost of revenue collection.


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