December 10, 2021/Coronation Research

The gross monthly distribution by the Federation Account Allocation Committee (FAAC) to the three tiers of government and public agencies amounted to N671.9bn (USD1.62bn) in November (from October revenue).

This shows a decrease of -9.2% or N68bn from the previous payout. Based on data in the local media, we learnt that companies’ income tax (CIT), petroleum profit tax (PPT), value-added tax (VAT), oil and gas royalties recorded decreases while excise duty recorded an increase over the previous month.

The FGN received a total of N284.3bn, state governments received N209.8bn, including N21.5bn representing the 13% derivation for the few oil producing states and LGCs received N156.3bn.

For the full economic note, please click here