FAAC REPORT – Revenue allocation to states and LGA for November 2013, shared in December 2013

The three tiers of government in the country [Federal, State, and Local Councils] enjoyed an expanded take-home income from the Federal Account Allocation Committee [FAAC] in the month on November. The FAAC says it shared N675.650 billion between the Federal, States and Local governments, and that this sum includes value added tax (VAT) of N91.73 billion.

The gross revenue for November 2013, confirms that there was an increase of N25.384 billion when compared to the October figures.

A breakdown of the distribution indicated that the Federal government received N252.2 billion (52.68%), while the State received N127.939 billion (26.7%) and the Local government received N98.64 billion (20.6%). Furthermore, a total of N56.390 billion representing 13% derivation revenue was shared among the oil producing states. (This is demonstrated clearly in the table below).

The allocation includes the distribution of N7.617 billion refunded by the NNPC. Also, the sum of N35.549 billion is offered for allocation under the SURE-P Programme.

Mineral revenue for the month was N490.765 billion, while N56.998 billion was transferred to the Excess Crude Account (ECA), Petroleum Profit Tax (PPT) and the Oil Royalty account. Thus total fund in the ECA a

s at November 2013 was $3.18 billion.

Revenue allocation analysis with chart-November13
CHART – TOTAL REVENUE ALLOCATION TO STATE AND LOCAL GOVERNMENTS FOR NOVEMBER 2013, SHARED IN DECEMBER 2013

 

Revenue allocation analysis with chart-November 2013 - December 2013-2
TOTAL REVENUE ALLOCATION TO STATE AND LOCAL GOVERNMENTS FOR NOVEMBER 2013, SHARED IN DECEMBER 2013

 


NEVER MISS A THING AGAIN! Subscribe to our newsletter

* indicates required

DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD: To place a text-based advert here. Call Willie - +2347088095401


All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.