By Abigail Philip David
The Federation Accounts Allocation Committee (FAAC) has distributed a total of N1.727 trillion to the Federal Government, states, and local government areas as revenue for November. This was disclosed in a communiqué issued after the FAAC meeting held on Thursday in Abuja.
The communiqué detailed that the N1.727 trillion distributable revenue included:
– Statutory Revenue: N455.354 billion
– Value Added Tax (VAT): N585.700 billion
– Electronic Money Transfer Levy (EMTL): N15.046 billion
– Exchange Difference Revenue: N671.392 billion
It was noted that the total gross revenue for November amounted to N3.143 trillion. However, deductions for cost of revenue collection totaled N103.307 billion, while transfers, interventions, and refunds accounted for N1.312 trillion.
Breakdown of Revenue Components
– Statutory Revenue: N1.827 trillion was recorded in November, marking an increase of N490.339 billion compared to the N1.336 trillion generated in October.
– VAT Revenue: N628.972 billion was realized in November, reflecting a decrease of N39.318 billion from October’s N668.291 billion.
Revenue Sharing Breakdown
From the total distributable revenue of N1.727 trillion:
– Federal Government: Received N581.856 billion.
– State Governments: Allocated N549.792 billion.
– Local Government Councils (LGCs): Received N402.553 billion.
– Derivation Revenue (13% of mineral revenue): N193.291 billion was shared among oil-producing states.
On specific components:
– From Statutory Revenue (N455.354 billion):
– Federal Government: N175.690 billion
– State Governments: N89.113 billion
– LGCs: N68.702 billion
– Derivation Revenue: N121.849 billion
– From VAT Revenue (N585.700 billion):
– Federal Government: N87.855 billion
– State Governments: N292.850 billion
– LGCs: N204.995 billion
– From EMTL Revenue (N15.046 billion):
– Federal Government: N2.257 billion
– State Governments: N7.523 billion
– LGCs: N5.266 billion
Revenue Trends
The communiqué noted significant increases in Oil and Gas Royalty and CET Levies during November. However, declines were recorded in Excise Duty, VAT, Import Duty, Petroleum Profit Tax, Companies Income Tax, and EMTL.
This distribution underscores ongoing efforts to share revenue equitably among the three tiers of government while addressing variations in monthly revenue generation.
