FAAC: FG, states, councils share 369.882bn for November

Governors had cause to smile on Tuesday after the Federal Account Allocation Committee (FAAC) meeting in Abuja.
Three hundred and sixty nine billion, eight hundred and eighty two million naira (N369.882 billion) was shared among Federal, States and Local Governments for the month of November, inclusive of Value Added Tax (VAT).
With this, the hope of workers receiving their salaries before the end of the year has been brightened.
Chairperson of FAAC and Minister of Finance, Mrs Kemi Adeosun, who presided over the meeting at the federal Ministry of Finance headquarters in Abuja, said that the gross statutory revenue of N297.450 billion received for the month of November was lower than the N400.310 billion received in the previous month by N102.860 billion.
Adeosun, alongside the Accountant General of the Federation, Alhaji Ahmed Idris, gave the breakdown of the N369.882 billion statutory revenue shared as follows: Federal Government received N139.501 representing 52.68%, State Governments got N70.757 billion representing 26.72% while the Local Government Councils received N54.551 also representing its 20.60%.
From the VAT sharing formula, the federal government got N8.810 billion representing 15%, states received N29.367 billion representing 50% while the local governments got N20.557 representing 35%.
Mrs Adeosun also noted that there was revenue loss of $1.3 million as a result of drop in average price of crude oil from $47.315 in August to $46.96 in September, 2015.
The non-oil sector recorded a revenue collection of about N104.212 billion with a significant improvement more than the previous month of November.
Also, there was revenue loss of $19.43 million as a result of reduction in Federation Export even though the average price of crude oil increased from $46.96pb in September to $49.58 in October, 2015.
The non-oil revenue recorded a decrease of about N114.2 billion in comparison to the previous month’s revenue.
The distributable Statutory Revenue for the month of November is N297.450 billion.
Also, there is exchange gain of N4.921 billion which is proposed for distribution.
The total revenue distributable for the month including VAT is N369.882 billion.
She disclosed that, for the month of November 2015, the gross revenue accrued from VAT was N61.181 billion as against N60.197 billion distributed in the preceeding month resulting in an increase of N0.984 billion.
The Committee disclosed that N6.330 billion was refunded by the Nigerian National Petroleum Corporation (NNPC) to the federal government.
Giving a further breakdown of the distributed revenue, the minister said that there was an exchange gain of N6.995 billion which was proposed for distribution.
For the revenue collecting agencies; Federal Inland revenue Service (FIRS) received N2.024 billion representing 4% cost of collection, Nigeria Customs Service got N3.417 billion representing 7% cost of collection while the Department of Petroleum Resources (DPR) also got N1.589 billion representing 4% cost of collection.
The 13% derivation of mineral revenue of oil and gas amounted to N25.611 billion was equally given to oil producing states.
According to the minister, intermittent shut-down and shut-in of production for repairs and maintenance at different terminals during the month continued to impact crude oil and gas revenue negatively.
The Finance Minister also revealed that the Excess Crude Account (ECA) remains unchanged with the sum of $2.255 billion.
The Minister disclosed that as at Tuesday, salaries of workers in federal, states and local government areas were being paid saying “people have started getting alerts and by Wednesday those who have not gotten should be able to receive alerts.”