FAAC Shares N902bn Revenue To Federal Govt, States, LGAs For December

The Federation Account Allocation Committee (FAAC) has shared the sum of N902.053 billion November revenue among the three tiers of government and other statutory beneficiaries.

The N902.053 billion total distributable revenue comprised statutory revenue of N681.079 billion, Value Added Tax (VAT) income of N202.839 billion, exchange gain revenue of N7.164 billion and N10.971 billion electronic money transfer levy revenue.

The new disbursement was contained in a communiqué that was issued at the end of the FAAC meeting for December 2022.

In November 2022, the total deductions for cost of collection was N40.695 billion and total deductions for transfers, refunds and levies was N232.288 billion.

The balance in the Excess Crude Account (ECA) was $473,754.57

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The communiqué confirmed that from the total distributable revenue of N902.053 billion; the federal government received N358.515 billion, the state governments received N270.836 billion and the local government areas received N204.130 billion. Total sum of N68.572 billion was shared to the relevant states as 13% derivation revenue.

Gross statutory revenue of N938.618 billion was received for the month of November 2022. This was higher than the sum of N622.270 billion received in the previous month by N316.348 billion.

From the N681.079 billion distributable statutory revenue, the federal government received N323.094 billion, the 36 states and FCT got N163.878 billion, while LGAs received N126.343 billion. The sum of N67.765 billion was shared to the relevant states as 13 percent derivation revenue.

For the month of November 2022, the gross revenue available from the VAT was N217.825 billion. This was lower than the N229.041 billion available in the month of October 2022 by N11.216 billion.

Federal government received N30.426 billion, state governments received N101.420 billion and local governments: N70.994 billion from the N202.839 billion VAT revenue.

The N7.164 billion exchange gain revenue was distributed as follows: the federal government: N3.349 billion; state governments: N1.699 billion; LGAs: N1.309 billion; while N0.807 billion was given to oil producing states as 13 percent derivation revenue.

From the N10.971 billion electronic money transfer levy revenue, the central government received N1.646 billion, state governments got N5.485 billion from the disbursed sum, with LGAs receiving N3.840 billion.

According to the Communiqué,  in the month of November 2022,  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.