FAAC allocates N1.08trn revenue to federal government, states, and local governments

The Federal Government, States, and Local Government Councils (LGCs) have all received N1.088.783 trillion in revenue for November from the Federation Account Allocation Committee (FAAC).

This is in line with the press release that the FAAC released following its Friday meeting.

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According to the release, the N376.306 billion in statutory income, N335.656 billion in value-added tax (VAT) revenue, N11.952 billion in electronic money transfer levy (EMTL) revenue, and N364.869 billion in exchange difference revenue made up the distributable revenue.

A total of N1.620 trillion in income was available in November, according to the communiqué.

“Total transfers, interventions, and refunds came to N470.592 billion; total deductions for cost of collection came to N60.960 billion.

For the month of November, N882.560 billion in gross statutory income was received. This was N222.470 billion more than the N660.090 billion received in October.

The total amount of VAT money that was collected in November was N360.455 billion. It stated that this was N13.112 billion more than the N347.343 billion that was available in October.

According to the release, the federal government received N402.867 trillion, state governments received N351.697 billion, and local government units (LGCs) received N258.810 billion out of the N1.088.783 trillion total distributable revenue.

The benefiting States received N75.410 billion in total as derivation money, or 13% of mineral revenue.

“The Federal Government received N174.908 billion, the State governments received N88.716 billion, and the LGCs received N68.396 billion from the N376.306 billion distributable statutory revenue.”

“The benefiting States received N44.286 billion, or 13% of the mineral revenue, as derivation revenue,” the statement stated.

It stated that of the N335.656 billion distributable VAT revenue, the federal government received N50.348 billion, the state governments received N167.828 billion, and the LGCs received N117.480 billion.

The release added, “The Federal Government received N1.793 billion from the N11.952 billion EMTL, the State Governments received N5.976 billion, and the LGCs received N4.183 billion.”

It further stated that the state governments received N89.177 billion, the LGCs received N68.751 billion, while the federal government received N175.817 billion from the N364.869 billion exchange difference earnings.

The beneficiary States received N31.124 billion, or 13% of the mineral earnings, as derivation money.

“November saw significant increases in companies’ income tax, excise duty, petroleum profit tax, oil and gas royalties, and VAT, while there were decreases in CET levies, import duty, and EMTL,” the statement stated.

It declared that there were 473.754 million dollars in the Excess Crude Account.