FAAC Disburses N1.08trn To FG, States, Lgs

The Federation Account Allocation Committee (FAAC) has shared N1.088.783 trillion November revenue to the Federal Government, States and Local Government Councils (LGCs).

This is according to the communique issued by the FAAC at its meeting on Friday.

The communique said that the distributable revenue 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.

According to the communique, total revenue of N1.620 trillion was available in the month of November.

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

“Gross statutory revenue of N882.560 billion was received for the month of November. This was higher than the N660.090 billion received in the month of October by N222.470 billion.

“The gross revenue available from VAT in November was N360.455 billion. This was higher than the N347.343 billion available in October by N13.112 billion,” it said.

The communique said that from the N1.088.783 trillion total distributable revenue, the Federal Government received N402.867 trillion, the state governments received N351.697 billion and the LGCs received N258.810 billion.

“A total sum of N75.410 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue.

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

“The sum of N44.286 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue,” it said.

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

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

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

“The sum of N31.124 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue.

“In the month of November, companies income tax, excise duty, petroleum profit tax, oil and gas royalties and VAT increased considerably, while CET levies, Import Duty and EMTL recorded decreases,” it said.

It announced that the balance in the Excess Crude Account was 473.754 million dollars.