By Gift Samuel, The Sight News
Abuja-The Federation Account Allocation Committee (FAAC) has over the weekend distributed the sum of N609.95bn to the Federal, States and Local Governments for November.
The figure indicates an increase of N77.25bn more than what the three tiers shared in October.
Addressing Newsmen after the meeting, the Accountant-General of the Federation, Alhaji Ahmed Idris, who chaired the meeting, disclosed that after the cost of collection deductions by FIRS, Customs and DPR, the Federal Government received N248.2bn, representing 52.68 per cent; the states got N125.9bn, representing 26.72 per cent and the 774 local councils received N97.06bn, amounting to 20.60 per cent.
From the Value Added Tax, the Federal Government received its 15 percent VAT N11.581 billion bringing the total revenue received in the current month to N259.808 billion VAT inclusive.
While the state and local government councils got N38.605 billion representing 50 percent VAT and N27.023 billion representing 35 percent VAT bringing their total amount received for the month to N164.509 billion and N124.09 billion respectively.
He noted that the Oil producing states got N54.48bn, which represents the 13 per cent derivation, adding that the country generated N356.07bn as mineral revenue and N193.46 bn as non-mineral revenue in November.
“Mineral revenue increased by N38.78bn, while non-oil mineral revenue also improved by N68.65bn” he said.
Mr. Idris said oil revenue continues to be impacted negatively, by low production due to poor maintenance, sabotage and the Force Majeure declared at Bonny Terminal.
He stated that the balance in the Excess Crude Account (ECA) as at December 15, 2017 remained $2.317 billion while the balance in the Excess Petroleum Profit Tax account, is put at $133 million.
The AGF said the Federation Account has received instruction from the National Economic Council that $1 billion be removed from ECA to fight Boko Haram.
“The instruction has been given. But there is a process before money is taken out of an account. So unless that withdrawal is made, the balance remains the same.
“On what the money will be used for, the appropriate institution will have to give you that, namely the military, who are the ones that will utilise the money, and they know their needs” he added.
On his part, the Chairman, Commissioners of Finance Forum, Mr Mahmoud Yunusa noted that the distribution is timely as it will enable states and local councils to pay workers ahead of Christmas.