Economy

FAAC: Federal, State, LGs Share ₦1.088 Trillion November Allocation

The Federation Account Allocation Committee (FAAC) has disbursed a total of ₦1.088 trillion to the Federal Government, States, and Local Government Councils based on the November 2023 Federation Account revenue.

In a communique released at the conclusion of the FAAC meeting in Abuja on Friday, it was disclosed that the ₦1.088 trillion distributable revenue included ₦376.306 billion in distributable statutory revenue, ₦335.656 billion in distributable Value Added Tax (VAT) revenue, ₦11.952 billion from Electronic Money Transfer Levy, and ₦364.869 billion from Exchange Difference revenue.

The communique highlighted that a total revenue of ₦1.620 trillion was generated in November 2023. Deductions for the cost of collection amounted to ₦60.960 billion, and total transfers, interventions, and refunds stood at ₦470.592 billion.

November’s gross statutory revenue reached ₦882.560 billion, surpassing the ₦660.090 billion received in October 2023 by ₦222.470 billion. The gross revenue from Value Added Tax in November 2023 was ₦360.455 billion, an increase of ₦13.112 billion compared to October 2023.

The distribution of the ₦1.088 trillion total revenue saw the Federal Government receiving ₦402.867 billion, State Governments receiving ₦351.697 billion, and Local Government Councils receiving ₦258.810 billion. Additionally, ₦75.410 billion (13% of mineral revenue) was allocated to oil-producing states as derivation revenue.

Breaking down the distributable statutory revenue of ₦376.306 billion, the Federal Government received ₦174.908 billion, State Governments received ₦88.716 billion, and Local Government Councils received ₦68.396 billion. Furthermore, ₦44.286 billion (13% of mineral revenue) was shared with benefiting states as derivation revenue.

The distribution of the ₦335.656 billion distributable VAT revenue saw the Federal Government receiving ₦50.348 billion, State Governments receiving ₦167.828 billion, and Local Government Councils receiving ₦117.480 billion.

The Electronic Money Transfer Levy of ₦11.952 billion was allocated with the Federal Government receiving ₦1.793 billion, State Governments receiving ₦5.976 billion, and Local Government Councils receiving ₦4.183 billion.

From the ₦364.869 billion Exchange Difference revenue, the Federal Government received ₦175.817 billion, State Governments received ₦89.177 billion, and Local Government Councils received ₦68.751 billion. Additionally, ₦31.124 billion (13% of mineral revenue) was shared with benefiting states as derivation revenue.

The communique also noted that the balance in the Excess Crude Account (ECA) was $473,754.57.