FAAC Allocates N1.78 Trillion Revenue For December To Federal, State, and Local Governments

FAAC Allocates N1.78 Trillion Revenue For December To Federal, State, and Local Governments....KINDLY READ THE FULL STORY HERE▶

Written By Oshiobugie John

In a significant financial development, the Federation Account Allocation Committee (FAAC) has disbursed a total sum of N1.783 trillion from the November 2023 revenue to the federation account. This substantial amount has been shared among the federal, state, and local governments in Nigeria. CONTINUE READING

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As outlined in the communique released after FAAC’s December 2023 meeting, the N1.783 trillion distributable revenue includes N376.306 billion from statutory revenue, N335.656 billion from Value Added Tax (VAT), N11.952 billion from electronic money transfer levy revenue, and N364.869 billion from exchange difference revenue.

The communique further detailed that the gross statutory revenue for November 2023 stood at N882.560 billion, a notable increase of N222.470 billion compared to October 2023. Additionally, the gross revenue from VAT in November was N360.455 billion, showing an increase of N13.112 billion from the previous month.

Out of the total distributable revenue, the federal government received N402.867 billion, state governments obtained N351.697 billion, and the 774 local government areas shared N258.810 billion. Furthermore, N75.410 billion, representing 13% of mineral revenue, was allocated to the benefiting states as derivation revenue.

The breakdown of the distributable statutory revenue includes N174.908 billion for the federal government, N88.716 billion for the states, and N68.396 billion for the local government areas. Additionally, N44.286 billion, equivalent to 13% of mineral revenue, was shared with benefiting states as derivation revenue.

In the case of the distributable VAT revenue of N335.656 billion, the federal government received N50.348 billion, the states obtained N167.828 billion, and the local government areas received N117.480 billion.

The electronic money transfer levy of N11.952 billion was distributed with the federal government receiving N1.793 billion, state governments getting N5.976 billion, and local government councils obtaining N4.183 billion.

Finally, the exchange difference revenue of N364.869 billion resulted in the federal government receiving N175.817 billion, the states getting N89.177 billion, and the local government areas receiving N68.751 billion. A derivation revenue of N31.124 billion, equivalent to 13% of mineral revenue, was shared with benefiting states.

This distribution comes as Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), Oil and Gas Royalties, and Value Added VAT experienced considerable increases in November 2023. However, transfer levies, import duty, and money transfer recorded decreases. The excess crude account balance remains at $473,754.57 as of November 2023.

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Source: Bushradiogist