The Federation Account Allocation Committee (FAAC) has disbursed a total of N1.088 trillion to the Federal Government, State Governments, and Local Government Councils from the November 2023 Federation Account revenue.
According to a communique issued in Abuja on Friday, the distributable revenue included N376.306 billion as statutory revenue, N335.656 billion from Value Added Tax (VAT), N11.952 billion from Electronic Money Transfer Levy, and N364.869 billion from Exchange Difference revenue.
The total revenue earned in November 2023 was N1.620 trillion. Deductions for the cost of collection amounted to N60.960 billion, while total transfers, interventions, and refunds stood at N470.592 billion.
Gross Statutory revenue for November 2023 was N882.560 billion, surpassing the N660.090 billion received in October 2023 by N222.470 billion. The gross revenue available from VAT in November 2023 was N360.455 billion, an increase of N13.112 billion compared to October 2023.
From the total distributable revenue, the Federal Government received N402.867 billion, State Governments received N351.697 billion, and Local Government Councils received N258.810 billion. Derivation revenue of N75.410 billion (13% of mineral revenue) was shared with oil-producing states.
The breakdown of the distributable statutory revenue included N174.908 billion for the Federal Government, N88.716 billion for State Governments, and N68.396 billion for Local Government Councils. Additionally, N44.286 billion (13% of mineral revenue) was shared with benefiting states as derivation revenue.
From the distributable VAT of N335.656 billion, the Federal Government received N50.348 billion, State Governments received N167.828 billion, and Local Government Councils received N117.480 billion.
The Electronic Money Transfer Levy of N11.952 billion was shared with the Federal Government receiving N1.793 billion, State Governments receiving N5.976 billion, and Local Government Councils receiving N4.183 billion.
The Exchange Difference revenue of N364.869 billion was distributed, with the Federal Government receiving N175.817 billion, State Governments receiving N89.177 billion, and Local Government Councils receiving N68.751 billion. Additionally, N31.124 billion (13% of mineral revenue) was shared with benefiting states as derivation revenue. The balance in the Excess Crude Account (ECA) stood at $473,754.57.
