The Federation Account Allocation Committee (FAAC) has distributed a total of N1.088.783 trillion in revenue for the month of November to the Federal Government, States, and Local Government Councils (LGCs). This was disclosed in a communique issued by the FAAC following its meeting on Friday.
The communique detailed that the revenue to be distributed included 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 communique further revealed that the total revenue available in November was N1.620 trillion. Deductions for cost of collection amounted to N60.960 billion, while total transfers, interventions, and refunds were N470.592 billion.
The gross statutory revenue received for November was N882.560 billion, marking an increase of N222.470 billion from the N660.090 billion received in October. Similarly, the gross revenue available from VAT in November was N360.455 billion, which was higher than the N347.343 billion available in October by N13.112 billion.
From the total distributable revenue of N1.088.783 trillion, the Federal Government received N402.867 trillion, state governments received N351.697 billion, and the LGCs received N258.810 billion. Additionally, a sum of N75.410 billion, representing 13 per cent of mineral revenue, was shared among the benefiting states as derivation revenue.
From the distributable statutory revenue of N376.306 billion, the Federal Government received N174.908 billion, state governments received N88.716 billion, and the LGCs received N68.396 billion. Furthermore, a sum of N44.286 billion, representing 13 per cent of mineral revenue, was shared among the benefiting states as derivation revenue.
From the distributable VAT revenue of N335.656 billion, the federal government received N50.348 billion, state governments received N167.828 billion, and the LGCs received N117.480 billion. From the EMTL of N11.952 billion, the Federal Government received N1.793 billion, state governments received N5.976 billion, and the LGCs received N4.183 billion.
The federal government received N175.817 billion from the exchange difference revenue of N364.869 billion, while state governments received N89.177 billion, and the LGCs received N68.751 billion. A sum of N31.124 billion, representing 13 per cent of mineral revenue, was shared among the benefiting states as derivation revenue.
The communique noted that in November, there was a considerable increase in companies income tax, excise duty, petroleum profit tax, oil and gas royalties, and VAT, while CET levies, Import Duty, and EMTL recorded decreases.
Finally, the communique announced that the balance in the Excess Crude Account stood at 473.754 million dollars.