The Federal Government, States, and Local Government Councils have received N1.088 trillion from the Federation Account Allocation Committee.
According to a communiqué published at the conclusion of the FAAC in Abuja on Friday, the allocation comes from November 2023 Federation Account earnings.
The N1.088 trillion in distributable revenue included N376.306 billion in distributable statutory revenue, N335.656 billion in distributable Value Added Tax income, N11.952 billion in Electronic Money Transfer Levy revenue, and N364.869 billion in exchange difference revenue.
N1.620 trillion in income was generated in November 2023, according to the communiqué.
Deductions for collection costs were N60.960 billion from gross income, while total transfers, interventions, and refunds were N470.592 billion.
For the month of November 2023, a gross statutory revenue of N882.560 billion was received.
According to a statement issued by the Director of Press and Public Relations, Bawa Mokwa, this sum was N222.470 billion more than the N660.090 billion received in October 2023.
In November 2023, the gross income from the Value Added Tax was N360.455 billion.
It was also N13.112 billion greater than the N347.343 billion available in October 2023.
The Federal Government, according to the communiqué, got N402.867 billion from the total distributable revenue of N1.088 trillion, the State Governments received N351.697 billion, and the Local Government Councils received N258.810 billion.
The benefitting oil-producing states received a total of N75.410 billion as derivation money, or 13% of mineral revenue.
N174.908 billion, N88.716 billion, and N68.396 billion were given to the federal government, state governments, and local government councils from the N376.306 billion distributable statutory revenue.
The beneficiary states received N44.286 billion as derivation money, or thirteen percent of the mineral revenue.
cc: Punch Ng
