The Federation Account Allocation Committee (FAAC), at its Meeting on Thursday in Abuja, shared a total sum of N902.053 billion to the three tiers of government, as Federation Allocation for the month of November 2022.
From this stated amount, inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Exchange Gain and Electronic Money Transfer Levies (EMTL), the Federal Government received N358.515 billion.
Also, the States received N270.836 billion, the Local Government Councils got N204.130 billion, while the Oil producing states received N68.572 billion as derivation, (13% of Mineral Revenue) according to the statement signed by Finance Ministry Spokesperson.
The Communiqué issued by the Federation Account Allocation Committee (FAAC), at the end of the meeting, indicated that the Gross Revenue available from the Value Added Tax (VAT) for November 2022, was N202.839 billion which was a decrease distributed in the preceding month.
While the distribution is as follows; Federal Government got N30.426 billion, the States received N101.420 billion, Local Government Councils got N70.994 billion.
Accordingly, the Gross Statutory Revenue of N681.079 billion distributed was higher than the sum received in the previous month, from which the Federal Government was allocated the sum of N323.094 billion, States got N163.878 billion, LGCs got N126.343 billion, and Oil Derivation (13% Mineral Revenue) got N67.765 billion.
Also, the sum of N10.971 billion from the Electronic Money Transfer Levies (EMTL) was distributed to the three (3) tiers of government as follows; the Federal Government received N1.646 billion, States got N5.485 billion, Local Government Councils received N3.840 billion.
The Communiqué further disclosed that, the sum of N7.164 billion from Exchange Gain was shared thus: Federal Government received N3.349 billion, States got N1.699 billion, Local Government Councils received N1.309 billion and Derivation (13% of Mineral Revenue) got N0.807 billion.
The 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.
According to the Communiqué, the total revenue distributable for the current month of November was drawn from Statutory Revenue of N681.079 billion.
Value Added Tax (VAT) of N202.839 billion, Exchange Gain of N7.164 billion, and N10.971 billion from Electronic Money Transfer Levies (EMTL), bringing the total distributable for the month to N902.053 billion.
However, the balance in the Excess Crude Account (ECA) as at December 15th, 2022 stands at $473,754.57.
