Federal Government, states, local councils share N902.1bn for November, says FAAC

*Nigeria’s Federation Account Allocation Committee explains how the country’s Gross Statutory Revenue of N681.079 billion distributed for November 2022 is much higher than the sum received in the previous month this year

Alexander Davis | ConsumerConnect

The Federation Account Allocation Committee (FAAC) has disclosed the regulatory agency shared N902.053 billion to the three tiers of government, as Federation Allocation for the month of November 2022.

FAAC, which stated this in a communiqué after its meeting, said from the lump sum, inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Exchange Gain and Electronic Money Transfer Levies (EMTL), the Federal Government received N358.515 billion, the States received N270.836 billion, while the Local Government Councils (LGCs) got N204.130 billion.

The agency noted the oil-producing states in the Federation as well received N68.572 billion as derivation, (13% of Mineral Revenue).

This, it stated, indicated that the Gross Revenue available from the Value Added Tax (VAT) for November 2022, was N202.839 billion, which was a decrease distributed in the preceding month.

The distribution is as follows: Federal Government got N30.426 billion, the States received N101.420 billion, Local Government Councils got N70.994 billion.

Accordingly, the Gross Statutory Revenue of N681.079 billion distributed was higher than the sum received in the previous month, from which the Federal Government was allocated the sum of N323.094 billion, States got N163.878 billion, LGCs got N126.343 billion, and Oil Derivation (13% Mineral Revenue) got N67.765 billion.

The sum of N10.971 billion from the Electronic Money Transfer Levies (EMTL) was distributed to the three tiers of government in the following order: the Federal Government received N1.646 billion, States got N5.485 billion, Local Government Councils received N3.840 billion.

The Committee’s communiqué further disclosed that, the sum of N7.164 billion from Exchange Gain was shared thus: Federal Government received N3.349 billion, States got N1.699 billion, Local Government Councils received N1.309 billion and Derivation (13% of Mineral Revenue) got N0.807 billion.

Further still, FAAC said the Oil and Gas Royalties and Petroleum Profit Tax (PPT) recorded significant increases, while Import and Excise Duties increased marginally. However, Value Added Tax (VAT) and Companies Income Tax (CIT) decreased considerably in the economy.

The total revenue distributable for the current month of November was drawn from Statutory Revenue of N681.079 billion, Value Added Tax (VAT) of N202.839 billion, Exchange Gain of N7.164 billion, and N10.971 billion from Electronic Money Transfer Levies (EMTL), bringing the total distributable for the month to N902.053 billion, said the communiqué.

The agency, nonetheless, observed the balance in the Excess Crude Account (ECA) stood at $473,754.57 as of December 15, 2022.

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