The Federation Account Allocation Committee (FAAC) has disbursed N1.088 trillion as revenue for the month of November to the Federal Government, State Governments, and Local Government Councils (LGCs). This significant allocation aims to support various developmental projects and meet the financial obligations of the government at all levels.
At its meeting on Friday, the FAAC issued a communique detailing the breakdown of the distributable revenue. The allocations comprised statutory revenue of N376.306 billion, Value Added Tax (VAT) revenue of N335.656 billion, Electronic Money Transfer Levy (EMTL) revenue of N11.952 billion, and Exchange Difference revenue of N364.869 billion.
The communique disclosed that a total of N1.620 trillion was available as revenue for November. Out of this amount, N60.960 billion was deducted for the cost of collection, while N470.592 billion went towards transfers, interventions, and refunds.
Notably, the gross statutory revenue for November stood at N882.560 billion, reflecting an increase of N222.470 billion from the previous month. Similarly, the gross revenue from VAT saw a rise to N360.455 billion, compared to N347.343 billion in October.
Following the disbursement, the Federal Government received N402.867 billion, state governments received N351.697 billion, and LGCs received N258.810 billion from the total distributable revenue of N1.088 trillion. Additionally, N75.410 billion, representing 13% of mineral revenue, was shared among the states as derivation revenue.
Further breaking down the allocation, the Federal Government received N174.908 billion from the distributable statutory revenue, while the state and local governments received N88.716 billion and N68.396 billion, respectively. Meanwhile, N44.286 billion as derivation revenue was shared among the benefiting states.
From the VAT revenue, the Federal Government received N50.348 billion, while state and local governments received N167.828 billion and N117.480 billion, respectively. Moreover, the Electronic Money Transfer Levy (EMTL) saw the Federal Government receiving N1.793 billion, with state and local governments receiving N5.976 billion and N4.183 billion, respectively.
In addition, the exchange difference revenue amounted to N364.869 billion, with the Federal Government, state governments, and LGCs receiving N175.817 billion, N89.177 billion, and N68.751 billion, respectively. A sum of N31.124 billion as derivation revenue was also shared among the benefiting states.
The communique highlighted notable increases in companies’ income tax, excise duty, petroleum profit tax, oil and gas royalties, and VAT. Conversely, CET levies, Import Duty, and EMTL recorded decreases in the month of November.
It further announced that the Excess Crude Account balance stood at 473.754 million dollars.
Overall, the FAAC’s disbursement of N1.08 trillion revenue for November underscores the ongoing commitment to equitable distribution and utilization of resources for the collective progress and development of Nigeria.
