FAAC allocation to FG, states, LGs for November crosses the N1trn mark

Saturday, 16 December 2023 04:51

FAAC allocation to FG, states, LGs for November crosses the N1trn mark

font size decrease font size increase font size
Print
Email

Rate this item

(0 votes)

Federation account allocation committee (FAAC) says it shared N1,088.783 trillion with the three tiers of government in November 2023.

FAAC disclosed this in a communique issued at the end of its meeting in Abuja on Friday.

The amount disbursed in November represents an increase of N181.82 billion compared to October’s allocation of N906.955 billion.

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

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

Meanwhile, from the N1.088 trillion distributable revenue, N376.306 billion was for statutory revenue, value-added tax (VAT) revenue was N335.656 billion, electronic money transfer levy (EMTL) revenue was N11.952 billion and exchange difference revenue was N364.869 billion.

In the communique, the breakdown of the N1.088 allocation showed that the federal government received N402.867 billion, the states received N351.697 billion, local governments received N258.810 billion, while oil-producing states received N75.410 billion as 13 percent derivation.

FAAC said from the N376.306 billion distributable statutory revenue, the federal government received N174.908 billion, states received N88.716 billion and local government councils received N68.396 billion.

The committee added that N44.286 billion was shared with the benefiting states as 13 percent derivation revenue.

FAAC also said from the distributable VAT of N335.656 billion, FG got N50.348 billion, states received N167.828 billion, while local governments received N117.480 billion.

N11.952 billion from the EMTL, according to FAAC, was distributed to the federal government (N1.793 billion), states (N5.976 billion), and local governments (N4.183 billion).

In addition, the committee said gross statutory revenue received for the month was N882.561 billion, with various taxes such as company income tax, excise duty, petroleum profit tax, and VAT significantly increased.

FAAC said the balance in the excess crude account remained at $473.754 million.

The Cable