The Federal Government, States, and Local Government Councils have received a total sum of N1.088 trillion released from the Federation Account Allocation Committee (FAAC).
News360 Info understands that the allocation, which was derived from the November 2023 Federation Account revenue, is made up of various components including a distributable statutory revenue of N376.306 billion, distributable Value Added Tax revenue of N335.656 billion, Electronic Money Transfer Levy revenue of N11.952 billion, and Exchange Difference revenue of N364.869 billion.
The communique issued at the end of the FAAC meeting in Abuja on Friday also revealed that the total revenue earned in November 2023 amounted to N1.620 trillion.
Additionally, N60.960 billion was deducted from the cost of collection, while N470.592 billion was allocated for transfers, interventions, and refunds. Furthermore, a gross statutory revenue of N882.560 billion was received for November 2023.
The communique signed by the Director, of Press and Public Relations, Bawa Mokwa, revealed that the amount released was higher than the N660.090 billion received in October 2023 by N222.470 billion.
In November 2023, the Value Added Tax generated a gross revenue of N360.455 billion, surpassing the N347.343 billion generated in October 2023 by N13.112 billion.
According to the communique, out of the total distributable revenue of N1.088 trillion, the Federal Government received N402.867 billion, the State Governments received N351.697 billion, and the Local Government Councils received N258.810 billion.
Additionally, a sum of N75.410 billion, which accounts for 13% of the mineral revenue, was shared with the oil-producing states as derivation revenue.
From the distributable statutory revenue of N376.306 billion, the Federal Government received N174.908 billion, the state governments received N88.716 billion, and the Local Government Councils received N68.396 billion.
The sum of N44.286 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue,” the statement noted.
