JUST IN: FAAC: FG, States, LGs Share N1.088trn November Allocation

The N1.088 trillion Federal Account Allocation Committee, FAAC distributable revenue comprised a distributable statutory revenue, distributable Value Added Tax revenue, Electronic Money Transfer Levy revenue and Exchange Difference revenue.

The Federation Account Allocation Committee has shared the sum of N1.088 trillion to the Federal Government, States and Local Government Councils.

A communique issued at the end of the FAAC, in Abuja, on Friday, indicated that the allocation came from November 2023 Federation Account revenue.

The N1.088 trillion distributable revenue comprised a distributable statutory revenue of N376.306 billion, distributable Value Added Tax revenue of N335.656 billion, Electronic Money Transfer Levy revenue of N11.952 billion and Exchange Difference revenue of N364.869 billion.

According to the communique, a total revenue of N1.620 trillion was earned in November 2023.

Out of the gross revenue, deductions for the cost of collection was N60.960 billion; while total transfers, interventions and refunds stood at N470.592 billion.

Gross Statutory revenue of N882.560 billion was received for November 2023.

A statement signed by the Director, Press and Public Relations, Bawa Mokwa, said this amount was higher than the N660.090 billion received in October 2023 by N222.470 billion.

The gross revenue available from the Value Added Tax in November 2023 was N360.455 billion.

It was also higher than the N347.343 billion available in October 2023 by N13.112 billion.

The communique indicated that from the N1.088 trillion total distributable revenue, the Federal Government received a total of N402.867 billion, the State Governments received N351.697 billion, while the Local Government Councils received N258.810 billion.

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A total sum of N75.410 billion (13 per cent of mineral revenue) was shared with the benefiting oil-producing states as derivation revenue.

“From the N376.306 billion distributable statutory revenue, the Federal Government received N174.908 billion, the State Governments received N88.716 billion and the Local Government Councils received N68.396 billion.

“The sum of N44.286 billion (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue.

“The Federal Government received N50.348 billion out of the N335. 656 billion distributable VAT. “State Governments received N167. 828 billion, while the Local Government Councils received N117.480 billion.

“The N11.952 billion Electronic Money Transfer Levy was shared as follows: the Federal Government received N1.793 billion, the State Governments received N5.976 billion and the Local Government Councils received N4.183 billion.”

The statement stated that the Federal Government received N175.817 billion from the N364.869 billion Exchange Difference revenue.

While State Governments received N89.177 billion, and Local Government Councils received N68.751 billion.

“The sum of N31.124 billion (13% of mineral revenue) was shared with the benefiting States as derivation revenue. The balance in the ECA was $473,754.57,” it added.