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Tag: allocation

  • FAAC: FG, States, LGs share N1.358 trillion

    FAAC: FG, States, LGs share N1.358 trillion

    The Federation Accounts Allocation Committee (FAAC), has shared the sum of N1.358 trillion among the Federal Government, States and Local Government Councils (LGCs) for the month of July.

    This is contained in a communique issued after FAAC meeting for August on Friday in Abuja.

    According to the communique, the N1.358 trillion total distributable fund comprised statutory revenue of N161.593 billion.

    It also comprised Value Added Tax (VAT) revenue of N582.307 billion and Electronic Money Transfer Levy (EMTL) revenue of N18.818 billion.

    Also included in the total distributable revenue was Exchange Difference revenue of N581.710 billion and Solid Mineral revenue of N13.647 billion.

    The communique that a total revenue of N2.613 trillion was available in the month of July.

    “Total deduction for cost of collection was N99.756 billion, while total transfers, interventions and refunds was N1.155 trillion ” it said.

    According to the communique, gross statutory revenue of N1.387 trillion was received for the month of July.

    “This was lower than the sum of N1.432 trillion received in the month of June by N45.517 billion,” it said.

    It said that gross revenue of N625.329 billion was available from VAT in July, adding that it was higher than the N562.685 billion available in the month of June by N62.644 billion.

    “From the N1.358 trillion total distributable revenue, the Federal Government received the total sum of N431.079 billion and the state government received N473.477 billion.

    “The LGCs received N343.703 billion, and a total sum of N109.816 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.

    It said that on the N161.593 billion statutory revenue, the Federal Government received N58.545 billion and the state government received N29.695 billion.

    It added that the LGCs received N22.894 billion, while the sum of N50.459 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

    It further said that in July, Oil and Gas Royalty, Petroleum Profit Tax (PPT), VAT, Import Duty, EMTL)and CET Levies increased significantly.

    “Furthermore, Companies Income Tax (CIT) recorded a decrease while Excise Duties increased only marginally.

    “The balance in the Excess Crude Account is 473, 754 dollars.”

  • FAAC shares N1.152trn revenue among FG, states, LGCs

    FAAC shares N1.152trn revenue among FG, states, LGCs

    The Federation Account Allocation Committee (FAAC) has shared a total sum of N1.152 trillion February revenue to the Federal Government, states and Local Government Councils (LGCs).

    The revenue was shared on Thursday at the March meeting of FAAC chaired by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun.

    According to a communiqué issued by FAAC, the N1.152 trillion total distributable revenue comprised distributable statutory revenue of N101.349 billion and distributable Value Added Tax (VAT) revenue of N428.806 billion.

    It also comprised Electronic Money Transfer Levy (EMTL) revenue of N15.157 billion and Exchange Difference revenue of N607.444 billion.

    “Total revenue of N2.326 trillion was available in the month of February.

    “Total deduction for cost of collection was N66.456 billion; total transfers, interventions and refunds was N856.937 billion and savings was N250.000 billion.

    “Gross statutory revenue of N1.192 trillion was received for the month of February, which is higher than the sum of N1.151 trillion received in January by N40.620 billion,” the communique said.

    It said that the gross revenue available from VAT in February was N460.487 billion, which was higher than the N420.733 billion* available in January by N39.755 billion.

    The communiqué said that from the N1.152 trillion total distributable revenue, the Federal Government received a total of N352.409 billion, the State Governments received N366.950 billion and the LGCs received N267.153 billion.

    “A total sum of N166.244 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

    “From the N101.349 billion distributable statutory revenue, the Federal Government received N7.351 billion, the state governments received N3.729 billion and the LGCs received N2.875 billion.

    ”The sum of N87.394 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.

    It further said that the Federal Government received N64.321 billion, the state Governments received N214.403 billion, and the LGCs received N150.082 billion from the N428.806 billion distributable VAT revenue.

    According to the communique, the N15.157 billion EMTL was shared as follows:

    The Federal Government received N2.274 billion, the state governments received__ N7.578 billion and the LGCs received N5.305 billion.

    “The Federal Government received N278.463 billion from the N 607.444 billion Exchange Difference revenue.

    “The State Governments received N141.240 billion, and the LGCs received N108.891 billion. The sum of  N78.850 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue,” it said.

    It said that Petroleum Profit Tax (PPT), Import Duty, Excise Duty, VAT and CET levies increased significantly; Oil and Gas Royalties increased marginally, while Company Income Tax (CIT) and EMTL recorded considerable decreases.

    “The balance in the ECA was 473.754 million dollars,” it said.

  • Revenue allocation: FG, States, LGCs share N 1.149 trillion [SEE BREAKDOWN]

    Revenue allocation: FG, States, LGCs share N 1.149 trillion [SEE BREAKDOWN]

    The Federation Account Allocation Committee (FAAC), has shared the sum of N1.149 trillion revenue among the Federal Government, states and Local Government Councils (LGCs) for January.

    The revenue was shared at the February meeting of FAAC chaired by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun.

    According to a communique issued by FAAC, the N1,149 trillion total distributable revenue comprised statutory revenue of N463.079 billion, and Value Added Tax (VAT) revenue of N391.787 billion

    It also comprised Electronic Money Transfer Levy (EMTL) revenue of N15.922 billion and Exchange Difference revenue of N279.028 billion.

    “The total revenue of N2,068 trillion was available in the month of January 2024.

    According to the communique, the total deductions for cost of collection is N78.412 billion, total transfers, interventions and refunds is N639.926 billion and savings is N200.000 billion.

    The communique said the gross statutory revenue of N1,151 trillion was received for the month of January.

    ” This is higher than the sum of N875.382 billion received in the month of December 2023 by N276.426 billion,” the communique said.

    It said that the gross revenue available from VAT was N420.733 billion, which was lower than the N492.506 billion available in the month of December 2023 by N71.773 billion.

    The communique said that from the N1,149 trillion total distributable revenue, the Federal Government received N407.267 billion, the state governments received N379.407 billion and the LGCs received N278.041 billion.

    It said that the sum of N85.101 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

    “From the N463.079 billion distributable statutory revenue, the Federal Government received N216.757 billion, the state governments received N109.942 billion and the LGCs received N84.761 billion.

    It said the sum of N51.619 billion (13 per cent of mineral revenue) was shared among the benefiting states as derivation revenue.

    It said that from the N391.787 VAT revenue, the Federal Government received N58.768 billion, the state governments received N195.894 billion and the LGCs received N137.125 billion.

    “The N15.922 billion EMTL has been shared as follows:

    “The Federal Government received N2.388 billion, the state governments received N7.961 billion and the LGCs received N5.573 billion.

    “The Federal Government received N129.354 billion from the N 279.028 billion Exchange Difference revenue, the state governments received N65.610 billion, and the LGCs received N50.582 billion.

    “The sum of N33.482 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.

    According to the communique, in the month of January, Companies Income Tax (CIT), Import Duty, Petroleum Profit Tax and Oil and Gas Royalties increased significantly, while VAT, Export Duty, EMTL and CET Levies decreased considerably.

    It said that the balance in the Excess Crude Account was 473.754 million dollars.

  • FG, States, FCT share N1.1trn in FAAC allocation in December 2023

    FG, States, FCT share N1.1trn in FAAC allocation in December 2023

    The Federation Account Allocation Committee (FAAC) has shared N1.127 trillion December 2023 federal revenue among the Federal Government, states and Local Government Councils (LGCs).

    This is disclosed in a communique issued by the FAAC at its January meeting, chaired by the Accountant General of the Federation, Dr Oluwatoyin Madein.

    According to the communique, the N1.127 trillion total distributable revenue comprised distributable statutory revenue of N363.188 billion, distributable Value Added Tax (VAT) revenue of N458.622 billion, and Electronic Money Transfer Levy (EMTL) revenue of N17.855 billion.

    It also comprised Exchange Difference revenue of N287.743 billion.

    “Total revenue of N1,674 billion was available in the month of December 2023. Total deduction for cost of collection was N62.254 billion; total transfers, interventions and refunds was N484.568 billion.

    “Gross statutory revenue of N875.382 billion was received. This was lower than the N882.56 billion received in the month of November 2023 by N 7.178 billion.

    “The gross revenue available from VAT was N492.506 billion. This was higher than the N360.455 billion available in the month of November 2023 by N132.051 billion,” it said.

    The communique also said that from the N1.127 trillion total distributable revenue, the federal government received N383.872 billion, the state governments received N396.693 billion and the LGCs received N288.928 billion.

    “A total sum of N57.915 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

    “From the N363.188 billion distributable statutory revenue, the federal government received N173.729 billion, the state governments received N88.118 billion and the LGCs received N67.935 billion.

    “The sum of N33.406 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.

    “The federal government received N68.793 billion, the state governments received N229.311 billion and the LGCs received N160.518 billion from the N458.622 billion distributable VAT revenue.

    “From the N17.855 billion EMTL, the federal government received N2.678 billion, the state governments received N8.928 billion and the LGCs received N6.249 billion,” it said.

    It said that in the month of December 2023, Companies Income Tax (CIT), excise duty, Petroleum Profit Tax (PPT), VAT and EMTL increased significantly, while oil and gas royalties decreased substantially.

    “Import duty and CET levies decreased marginally. The balance in the ECA was 473.754 million dollars.

  • How FG, States, LGAs shared N1.08trn in November FAAC allocations

    How FG, States, LGAs shared N1.08trn in November FAAC allocations

    The Federation Account Allocation Committee (FAAC) has shared N1.088.783 trillion November revenue to the Federal Government, States and Local Government Councils (LGCs).

    This is according to the communique issued by the FAAC at its meeting on Friday.

    The communique said that the distributable revenue comprised statutory revenue of N376.306 billion, Value Added Tax (VAT) revenue of N335.656 billion, Electronic Money Transfer Levy (EMTL) revenue of N11.952 billion and Exchange Difference revenue of N364.869 billion.

    According to the communique, total revenue of N1.620 trillion was available in the month of November.

    “Total deductions for cost of collection was N60.960 billion; total transfers, interventions and refunds was N470.592 billion.

    “Gross statutory revenue of N882.560 billion was received for the month of November. This was higher than the N660.090 billion received in the month of October by N222.470 billion.

    “The gross revenue available from VAT in November was N360.455 billion. This was higher than the N347.343 billion available in October by N13.112 billion,” it said.

    The communique said that from the N1.088.783 trillion total distributable revenue, the Federal Government received N402.867 trillion, the state governments received N351.697 billion and the LGCs received N258.810 billion.

    “A total sum of N75.410 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue.

    “From the N376.306 billion distributable statutory revenue, the Federal Government received N174.908 billion, the State governments received N88.716 billion and the LGCs received N68.396 billion.

    “The sum of N44.286 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue,” it said.

    It said that the federal government received N50.348 billion, the state governments received N167. 828 billion and the LGCs received N117.480 billion from the N335.656 billion distributable VAT revenue.

    “The communique further said that from the N11.952 billion EMTL, the Federal Government received N1.793 billion, the State Governments received N5.976 billion and the LGCs received N4.183 billion.”

    It added that the federal government received N175.817 billion from the N364.869 billion exchange difference revenue, while the state governments received N89.177 billion, and the LGCs received N68.751 billion.

    “The sum of N31.124 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue.

    “In the month of November, companies income tax, excise duty, petroleum profit tax, oil and gas royalties and VAT increased considerably, while CET levies, Import Duty and EMTL recorded decreases,” it said.

    It announced that the balance in the Excess Crude Account was 473.754 million dollars.

  • FAAC shares N903.480bn September revenue to FG, States, LGs

    FAAC shares N903.480bn September revenue to FG, States, LGs

    The Federation Account Allocation Committee (FAAC) has shared a total of N903.480 billion September 2023 Federation Account Revenue to the Federal Government, states and Local Government Councils (LGCs).

    This is contained in a communique issued by the FAAC at the end of its October meeting held in Abuja on Tuesday.

    The communique indicated that the N903.480 billion total distributable revenue comprised distributable statutory revenue of N423.012 billion, Value Added Tax (VAT) revenue of N282.666 billion, Electronic Money Transfer Levy (EMTL) revenue of N10.989 billion and Exchange Difference revenue of N 186.813 billion.

    It stated that a total revenue of N1594.763 billion was available in the month of September 2023.

    “Total deductions for cost of collection was N54.426 billion, total transfers and refunds was N347.857 billion and savings was N289.000 billion,” the committee stated.

    It said that gross statutory revenue of N1014.953 billion was received for September, which was higher than the N891.934 billion received in August by N123.019 billion.

    It added that the gross revenue available from VAT was N303.550 billion, which was lower than the N345.727 billion available in August by N42.177 billion.

    “From the N903.480 billion total distributable revenue, the Federal Government received a total of N320.543 billion, the state governments received N287.071 billion and the LGCs received N210.900 billion.

    “A total sum of N84.966 billion (13 per cent of mineral revenue) was shared to the relevant states as derivation revenue.

    “From the N423.012 billion distributable statutory revenue, the Federal Government received N190.849 billion, the state governments N96.801 billion and LGCs received N74.629 billion.

    “The sum of N60.733 billion (13 per cent of mineral revenue) was shared to the relevant states as derivation revenue,’” it said.

    It said that the Federal Government received N42.400 billion, the state governments received N141.333 billion and the LGCs received N98.933 billion from the N282.666 billion VAT revenue.

    The communique further said that N10.989 billion EMTL was shared as follows:

    The Federal Government received N1.648 billion, the state governments received N5.495 billion and the Local Government Councils received N3.846 billion.

    “The Federal Government received N85.647 billion from the N186.813 billion Exchange Difference revenue, the state governments received N43.442 billion, and the LGCs received N33.491 billion.

    “The sum of N24.233 billion (13 per cent of mineral revenue) went to the relevant states as derivation revenue. The balance in the Excess Crude Account (ECA) was 473,754.57 dollars,” it said.

    In September, Petroleum Profit Tax (PPT) and Oil and Gas Royalties increased considerably while VAT, Import and Excise Duties, EMTL, Companies Income Tax (CIT) and CET Levies recorded significant decreases.

  • Uproar in House of Representatives over sitting arrangement, office allocation

    Uproar in House of Representatives over sitting arrangement, office allocation

    Some House of Representatives members in Abuja on Tuesday protested against alleged discrimination in allocation of seats and offices for the members.

    The lawmakers, numbering about 100 who openly protested against the perceived tendencies, said the ugly trend was capable of causing setback on legislative activities.

    The House Committee on Welfare, chaired by Rep. Olawale Raji (APC-Lagos), was saddled with the responsibility of allocation of seats for members.

    The protesting lawmakers were mostly first timers, who described the seats allocated to them at one of the temporary chambers as unconducive as they were allocated seats in the third floor.

    Also Some of the lawmakers protested against allocation of offices to the members.

    According to the list issued by the Welfare Committee, 240 members were allotted for the second floor, while a few members, including some first timers, were allocated seats on the ground floor.

    Responding to the development, the Speaker of the House,  Rep. Tajudeen Abbas, called for calm, while assuring that the main Chamber which is currently undergoing renovation, would be completed before the House resume from recess.

    Rep. Khadijat Bukar-Ibrahim, Chairman, Ad hoc Committee on Media,  said that there was a slight uproar during the plenary session.

    She said the allocation of offices is the responsibility of the Welfare Committee which had actually done the work and allocated offices to each and every member.

    “And as far as the seats are concerned, you know we are in a temporary seating area, so there are not enough seats for all members to sit downstairs. So, some have to be accommodated upstairs.

    “So, there was a slide uproar not a huge one about not hearing the mic from the downstairs,” She said.

    “Mr. Speaker had since directed that members should occupy any seat they find downstairs and everybody was happy,” Bukar-Ibrahim added.

    NAN

  • Kogi joins oil producing state, gets derivation allocation

    Kogi joins oil producing state, gets derivation allocation

    Kogi State has finally joined the league of oil producing states in Nigeria as it received the first derivation allocation from the Federation Account.

    Mr Kingsley Fanwo, Information Commissioner, disclosed this shortly after the State Executive Council Meeting at Government House, Kogi.

    Fanwo said that Gov Yahaya Bello, who dropped the cheering news during the meeting, assured residents of his administration’s determination to continue to record more wins for the state.

    “It’s on record that this administration has recorded many giant strides in various sectors covering the thematic areas of our governor’s New Direction Blueprint.

    “This new breakthrough in the “derivation allocation will no doubt make us do more for our people.

    “On breaking the news, our governor said he was so elated to announce to the good people of Kogi State that the administration has received our first derivation allocation as an Oil Producing State.”

    “This announcement is in line with the administration’s commitment to transparency and accountability, for which we have received many awards

    “We worked hard to make this history. But we wouldn’t have achieved it without the support of our people, who stood resolutely with us to make this see the light of the day.

    “We also wish to express our gratitude to President Muhammadu Buhari for his leadership roles as well as the RMAFC for making this a reality, ” he stated.

    The Commissioner further said that Bello restated his promise to the people that he would ensure that the resources worked for them.

    ” We will build more schools, hospitals and construct more roads. We will empower our youth and women. Under my watch, we will ensure security.”

    While noting that the allocation came at a time the State Government was building legacy projects across the state, the governor pledged to ensure “judicious use of the derivation allocation”.

    “Our governor has once again proved that he is a goal getter with the tenacious manner he defended the interest of the state to be listed as an Oil Producing State, ” the Commissioner said.

  • FG, States, LGCs share N954.085 billion in July

    FG, States, LGCs share N954.085 billion in July

    The Federation Account Allocation Committee (FAAC), has shared N954.085 billion to the three tiers of government, as federation allocation for July.

    This is according to a statement signed by Mr Phil Abiamuwe-Mowete, the Director (Information/Press) on Wednesday in Abuja.

    From the amount, the Federal Government received N406.610 billion, the states received N281.342 billion, the Local Government Councils got N210.617 billion.

    This was inclusive of Gross Statutory Revenue and Value Added Tax (VAT),

    It said that the oil producing states received N55.515 billion as derivation (13 per cent of Mineral Revenue).

    The statement indicated that the Gross Revenue available from the VAT for July was N177.167 billion which was a decrease distributed in the preceding month.

    “The distribution is as follows; Federal Government got N26.575 billion, the States received N88.584 billion, Local Government Councils got N62.008 billion.

    “Accordingly,  the Gross Statutory Revenue of N776.918 billion distributed was higher than the sum received in the previous month.

    “From which the Federal Government was allocated the sum of N380.035 billion, States got N192.759 billion, LGCs got N148.609 billion, and Oil Derivation (13 per cent  Mineral Revenue) got N55.515 billion.”

    The statement also said that Companies Income Tax (CIT) and Petroleum Profit Tax (PPT), Excise Duties and Oil and Gas Royalties recorded significant increases.

    According to the statement, Import Duty and VAT, however, decreased considerably.

    It said that total revenue distributable for the current month of July was drawn from Statutory Revenue of N776.918 billion.

    The VAT was also N177.167 billion bringing the total distributable amount for the month to N954.085 billion.

    However, the balance in the Excess Crude Account (ECA), as at Aug. 24 stands at 470,599.54 million dollars.

  • How FG, States, LGCs shared N699.8 bn FAAC allocation for December 2021

    How FG, States, LGCs shared N699.8 bn FAAC allocation for December 2021

    The Federal Government, States and Local Government Councils (LGCs), on Friday, shared N699.824 billion as federation allocation for Dec. 2021.

    A statement issued by Mr Oshundun Olajide, Acting Director, Information, Ministry of Finance, Budget and National Planning, said that the amount was shared at the Federation Accounts Allocation Committee (FAAC).

    According to it, the virtual conference was chaired by the Permanent Secretary, Mr Aliyu Ahmed.

    “From this amount, inclusive of cost of collection to Nigeria Customs Service (NCS), NUPRC and Federal Inland Revenue Service (FIRS), the Federal Government received N279.457 billion, the States N210.046 billion, while LGCs got N155.456 billion.

    “Meanwhile, the oil-producing states received N49.003 billion as derivation (13 per cent of Mineral Revenue).”

    The statement said that the communiqué issued by FAAC at the end of the meeting, indicated that the gross revenue available from Value Added Tax (VAT) for Dec. 2021 was N201.255 billion as against N196.175 billion distributed in November.

    This, it said, resulted in an increase of N5.080 billion.

    Of the VAT, Federal Government got N28.111 billion, States N93.705 billion and LGCs N65.593billion.

    “The gross statutory revenue of N560.066 billion received for the month was lower than the N643.481 billion received in the previous month by N83.415 billion.

    “From this, the Federal Government received N248.885 billon, States N126.238 billion, LGCs N97.324 billion and derivation (13 per cent mineral revenue) got N34.820 billion.”

    It said that the communiqué also revealed that Companies Income Tax (CIT) and VAT increased reasonably.

    It added that Petroleum Profit Tax (PPT) and oil and gas royalties decreased significantly while import and excise duties decreased marginally.

    “The distributable statutory revenue of N507.267 billion, VAT of N187.409 billion, Exchange Gain of N5.148 billion, brings the total distributable revenue for the month to N699.824 billion.”