FAAC shares N1.088trn to FG, States, and LGs

All three levels of government have received their fair part of the N1.088 trillion allotted by the Federation Account Allocation Committee (FAAC).

The distribution was funded from the November 2023 Federation Account, according to a communiqué released yesterday at the conclusion of the FAAC in Abuja.

Of the total distributable revenue of N1.088 trillion, N376.306 billion came from distributable statutory revenue, N335.656 billion from distributable value-added tax, N11.952 billion from electronic money transfer levy, and N364.869 billion from exchange difference.

In November 2023, a total of N1.620 trillion was brought in, as stated in the communiqué.

After deducting collection costs from gross revenue, which amounted to N60.960 billion, the total amount for transfers, interventions, and refunds was N470.592 billion.

The total statutory revenue for the month of November 2023 was N882.560 billion.

By a margin of N222.470 billion, this surpassed the sum of N660.090 billion received in October 2023.

In the month of November 2023, a total of N360.455 billion was collected from value-added tax (VAT).

It was also N13.112 billion more than the N347.343 billion that was available in October 2023.

A total of N402.867 billion went to the federal government, N351.697 billion to the state governments, and N258.810 billion to the local government councils, according to the communiqué, out of a total distributable revenue of N1.088 trillion.

Beneficial oil-producing states received a total of N75.410 billion as derivation money, which is thirteen percent of mineral earnings.

State governments received N88.716 billion, local government councils received N68.396 billion, and the federal government received N174.908 billion out of the total distributable statutory revenue of N376.306 billion.

The beneficiary states were each given N44.286 billion, or thirteen percent of the mineral revenue, as derivation revenue.

The amount of distributable VAT was N335.656 billion, with 50.348 billion going to the federal government.

There was a difference of N117.480 billion going to local government councils and N167.828 billion going to state governments.

The Federal Government got N1.793 billion, the State Governments got N5.976 billion, and the Local Government Councils got N4.183 billion of the N11.952 billion Electronic Money Transfer Levy (EMTL).

Of the total N364.869 billion in exchange-discount revenue, the federal government earned N175.817 billion.

A total of N89.177 billion was distributed to the state governments, while N68.751 billion was distributed to the local government councils.

The receiving states received a total of N31.124 billion, or thirteen percent of the mining earnings, as derivation revenue.

Exactly $473,754.57 remained in the ECA.