• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Saturday, June 7, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

Federal, States, Councils share N671.9bn

The Matters Press by The Matters Press
November 18, 2021
Reading Time: 2 mins read
0
Jaiz Bank expands with new branches

Naira

Naira

The Federal Government, States and Local Government Councils (LGCs) on Wednesday, shared N671.910 billion as Federation Accounts Allocation Committee (FAAC) for October.

RELATED POSTS

Nigeria’s 3MTT gets boost as EU, World Bank back initiative

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

A statement by Mr Oshundun Olajide, the Acting Director, Information, Ministry of Finance, Budget and National Planning, said that the allocation was distributed at FAAC meeting in Lagos at the end of the National Council on Finance and Economic Development (NACOFED) conference.

It explained that from the said amount, inclusive of Value Added Tax (VAT), augmentations, exchange gain and non-oil mineral revenue, the Federal Government received N284.292 billion, states N209.838 billion and LGCs N156.282 billion.

It added that oil producing states received N21.498 billion as 13 per cent derivation of mineral revenue.

According to it, the communique issued by FAAC at the end of the meeting, indicated that the Gross Revenue available from the VAT for the month under review was N166.284 billion as against N170.850 billion distributed in September, resulting in a decrease of N4.566 billion.

“The distribution is as follows; Federal Government got N23.227 billion, states received N77.422 billion, LGCs got N54.195 billion, transfers and refunds received N4.789 billion and cost of collection got N6.651 billion.

“The distributed statutory revenue of N407.864 billion received for the month was lower than the N692.283 billion received for the previous month by N284.419 billion.

“Of this, the Federal Government received N180.551 billion, states got N91.578 billion, LGCs got N70.603 billion, derivation (13 per cent mineral revenue) got N21.118 billion, cost of collection received N17.940 billion while transfers and refunds got N26.075 billion,” it stated.

The statement also said that the communiqué disclosed the augmentations of N100 billion as the Federal Government received N52.680 billion, states got N26.720 billion, LGCs N20.6 billion.

Also, that the N50 billion from non-oil revenue was shared as follows: Federal Government received N26.340 billion, states got N13.360 billion and LGCs N10.3 billion.

According to the statement, Companies Income Tax (CIT), Petroleum Profit Tax (PPT), and Oil and Gas Royalties decreased considerably, while there was a slight decline in VAT and Import and Excise Duty, increased marginally.

“The communique, however, disclosed that total revenue distributable for the current month inclusive of gross statutory revenue of N363.849 billion, VAT of N154.849 billion, and exchange gain of N3.217 billion.

“Augmentations of N100 billion and N50 billion from non-oil mineral revenue bringing the total distributable revenue to N671.910 billion,” it stated.

However, the balance of Excess Crude Account (ECA) as stands at 60.860 million dollars.

Tags: Allocation
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

World Bank predicts 4% global economic growth, 1.1% for Nigeria in 2021
Economy/Technology

Nigeria’s 3MTT gets boost as EU, World Bank back initiative

June 6, 2025
Energy

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

June 4, 2025
News

Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

June 3, 2025
Economic implications of Niger coup to Nigeria, ECOWAS
Economy/Technology

IMPI urges media to consider national interest in reporting security challenges

June 3, 2025
Tinubu steering Nigeria away from Venezuela-like tragedy – IMPI
News

Malami’s opposition to Tinubu’s endorsement self-indicting – TDF

June 3, 2025
President Tinubu outlines new economic, monetary, foreign policies
Economy/Technology

CUPP goofs over President Tinubu’s 2027 endorsement by governors

June 2, 2025
Next Post
Bandits go berserk, kill 57 people, sack villages in Nigeria

Bandits go berserk, kill 57 people, sack villages in Nigeria

Twitter Proves Adidas Superstars Still Dominate Fashionable Footwear

Recommended Stories

AKK gas pipeline project to be completed early 2023

Russia-Ukraine war and global gas supply: Nigeria as `a buffer

July 11, 2022
Buhari at FEC

Buhari scores high in ICT

May 28, 2019
July petrol pump price ranges between N140.80 and N143.80

Rainoil identifies Forex crisis, distribution challenges as causes of petrol price hike

October 26, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Nigeria’s 3MTT gets boost as EU, World Bank back initiative
  • PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF
  • FCT ground rent!: Check your name if you own property

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us