FAAC Allocates Over ₦1 Trillion to Nigerian FG, SGs and LG Councils in November

The Federation Account Allocation Committee (FAAC) has disbursed a total of ₦1.088 trillion in revenue for November to the Federal Government, States, and Local Government Councils (LGCs), according to the communique released following its recent meeting.

The breakdown of the distributable revenue includes a statutory revenue of ₦376.306 billion, Value Added Tax (VAT) revenue of ₦335.656 billion, Electronic Money Transfer Levy (EMTL) revenue of ₦11.952 billion, and Exchange Difference revenue of ₦364.869 billion. The total available revenue for November amounted to ₦1.620 trillion.

From the total distributable revenue, the Federal Government received ₦402.867 billion, state governments received ₦351.697 billion, and the LGCs received ₦258.810 billion. Additionally, ₦75.410 billion, constituting 13 per cent of mineral revenue, was shared with the benefiting states as derivation revenue.

The breakdown further revealed that the federal government received ₦174.908 billion from the distributable statutory revenue, while state governments and LGCs received ₦88.716 billion and ₦68.396 billion, respectively. An additional ₦44.286 billion, representing 13 per cent of mineral revenue, was shared with the benefiting states as derivation revenue.

In terms of VAT revenue, the federal government received ₦50.348 billion, state governments received ₦167.828 billion, and the LGCs received ₦117.480 billion from the ₦335.656 billion distributable VAT revenue.

From the Electronic Money Transfer Levy (EMTL), the Federal Government received ₦1.793 billion, state governments received ₦5.976 billion, and the LGCs received ₦4.183 billion. The Exchange Difference revenue of ₦364.869 billion resulted in the federal government receiving ₦175.817 billion, while state governments and LGCs received ₦89.177 billion and ₦68.751 billion, respectively.

The communique also noted a balance of ₦473.754 million in the Excess Crude Account.

The November revenue distribution showcased positive trends in companies’ income tax, excise duty, petroleum profit tax, oil and gas royalties, and VAT, which experienced notable increases, while CET levies, Import Duty, and EMTL recorded decreases. This financial boost is expected to play a significant role in supporting various governmental initiatives and projects at both federal and local levels.

Source: NAN