- The communique confirmed that from the total distributable revenue of ₦675.946 billion…
EKO HOT BLOG reports that the Federation Accounts Allocation Committee (FAAC) has shared a total of ₦675.946 billion to the Federal Government, states, and local government councils as the Federation Account revenue for November, as a total of ₦196.175 billion Value Added Tax (VAT) gross revenue was generated.
A spokesman for the Office of the Accountant-General of the Federation (AGF), Henshaw Ogubike, disclosed this in a statement on Friday in Abuja.
He explained that a breakdown of the figure was contained in a communique issued at the end of a virtual meeting of FAAC for December.
“The ₦675.946 billion total distributable revenue comprised distributable statutory revenue of ₦488.674 billion; distributable Value Added Tax (VAT) revenue of ₦182.678 billion, Exchange Gain of ₦4.156 billion and Excess Bank Charges Recovered of ₦0.438 billion,” he said.
“In November 2021, the total deductions for cost of collection was ₦30.957 billion, and the total deductions for statutory transfers, refunds and savings was ₦136.908 billion. The balance in the Excess Crude Account (ECA) was $35.365 million.”
The communique confirmed that from the total distributable revenue of ₦675.946 billion; the Federal Government received ₦261.441billion, the state governments received ₦210.046 billion, and the local government councils received ₦155.456 billion.
In November, according to the communique, Petroleum Profit Tax (PPT), Oil and Gas Royalties, Companies Income Tax (CIT) and Value Added Tax (VAT), increased remarkably while Import and Excise Duty increased marginally.
Click to watch our video of the week:
YOU MAY ALSO LIKE
Advertise or Publish a Story on EkoHot Blog:
Kindly contact us at firstname.lastname@example.org. Breaking stories should be sent to the above email and substantiated with pictorial evidence.
Citizen journalists will receive a token as data incentive.
Call or Whatsapp: 0803 561 7233, 0703 414 5611