FG, States, LGs Share N812.76bn As Nov 2018 Revenue As ECA Declines

The three tiers of government; the federal, state and local governments, shared a total of N812.76 billion as revenue for the month of November 2018 from the federal allocation.

Mahmoud Isa-Dutse, Permanent Secretary, Ministry of Finance, disclosed this on Wednesday after the Federal Account Allocation Committee meeting.

According to him, the Federal Government received N280.9 billion, the states got N142.48 billion, while the local governments received N109.84 billion.

The Permanent Secretary said the gross statutory revenue generated for the month under review was N649.6 billion, which was N32.5 billion lower than the revenue of the previous month.

“The gross statutory revenue of N649.6 billion received for the month was lower than the N682.1 billion received in the previous month by N32.5 billion,” Isa-Dutse said.

He also stated that the mineral revenue generated in November was N421.8 billion, which represents a N100.8 billion reduction from N522.6 billion gotten in October.

The non-mineral revenue accrued in the period under review was N227.7 billion, which represents a N68.2 billion rise from N159.4 billion in October.

He stated that while Company Income Tax increased, Value Added Tax (VAT), oil taxes and excise duties decreased in November.

“The revenue from the Companies Income Tax increased significantly.

“However, revenue from Foreign Oil and Gas, Domestic Oil and Gas, Royalties, Petroleum Profit Tax, import and Excise duties and Value Added Tax decreased,” he said.

“However, revenue from Foreign Oil and Gas, Domestic Oil and Gas, Royalties, Petroleum Profit Tax, import and Excise duties and Value Added Tax decreased,” he said.

Isa-Dutse announced that $2.246 billion was withdrawn and shared to states as part of the Paris Club refund.

Due to the withdrawal, the Excess Crude Account (ECA), therefore, decreased from $2.319 billion in October to $631 million dollars in November.

He said: “The deductions was for the final payment of the Paris Club Refund. The final payments to states have been made and the figure was deducted from the Excess Crude Account.

“A decision was taken to make these refunds and part of that decision is for the refund to be funded from the Excess Crude Account.

Isa-Dutse stated that the necessary approval was given by the President and the Federal Executive Council before the funds were disbursed.

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