The Federation Account Allocation Committee (FAAC) has disbursed a total of N1.088 trillion as revenue for the month of November to the Federal Government, states, and local government councils (LGCs). This information was contained in the communique issued by FAAC following its meeting on Friday.
The breakdown of the distributable revenue includes 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 total revenue available for November was N1.620 trillion.
From the N1.088 trillion distributable revenue, the Federal Government received N402.867 trillion, state governments received N351.697 billion, and LGCs received N258.810 billion. Additionally, N75.410 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.
The distributable statutory revenue of N376.306 billion was shared with the Federal Government receiving N174.908 billion, state governments receiving N88.716 billion, and LGCs receiving N68.396 billion. A derivation revenue of N44.286 billion (13% of mineral revenue) was also shared with the benefiting states.
In the case of VAT revenue, the Federal Government received N50.348 billion, state governments received N167.828 billion, and LGCs received N117.480 billion from the N335.656 billion distributable VAT revenue. Furthermore, N31.124 billion (13% of mineral revenue) was shared as derivation revenue.
The communique highlighted increases in companies’ income tax, excise duty, petroleum profit tax, oil and gas royalties, and VAT for November. However, it noted decreases in CET levies, Import Duty, and EMTL.
The Excess Crude Account’s balance was reported as $473.754 million as of the end of November.
