November 11, 2021/Coronation Economic Note

The gross monthly distribution by the Federation Account Allocation Committee (FAAC) to the three tiers of government and public agencies amounted to N739.97bn (USD1.8bn) in October (from September revenue). This shows an increase of 6.2% or N43.1bn from the previous payout.

Based on data in the local media, we learnt that petroleum profit tax (PPT), oil and gas royalties and excise duty recorded increases while companies’ income tax (CIT), value added tax (VAT) and import duty recorded decreases over the previous month. State governments received a total of N220.3bn, including N53.8bn representing the 13% derivation for the few oil producing states.

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