FAAC Shares 902.053 billion for November

The Federation Account Allocation Committee (FAAC) has distributed 902.053 billion Naira to the Federal Government, States and Local Government Councils for November 2022.

This was contained in a communiqué issued at the end of the Committee‘s meeting.

The N902.053 billion total distributable revenue comprised statutory revenue of N681.079 billion, Value Added Tax (VAT) income of N202.839 billion, exchange gain revenue of N7.164 billion and N10.971 billion electronic money transfer levy revenue.

The communiqué confirmed that from the total distributable revenue of N902.053 billion; the federal government received N358.515 billion, the state governments received N270.836 billion and the local government areas received N204.130 billion. Total sum of N68.572 billion was shared to the relevant states as 13% derivation revenue.

Gross statutory revenue of N938.618 billion was received for the month of November 2022. This was higher than the sum of N622.270 billion received in the previous month by N316.348 billion.

In November 2022, the total deductions for cost of collection was N40.695 billion and total deductions for transfers, refunds and levies was N232.288 billion.

The balance in the Excess Crude Account (ECA) was $473,754.57

For the month of November 2022, the gross revenue available from the VAT was N217.825 billion. This was lower than the N229.041 billion available in the month of October 2022 by N11.216 billion.

Federal government received N30.426 billion, state governments received N101.420 billion and local governments: N70.994 billion from the N202.839 billion VAT revenue.

The N7.164 billion exchange gain revenue was distributed as follows: the federal government: N3.349 billion; state governments: N1.699 billion; LGAs: N1.309 billion; while N0.807 billion was given to oil producing states as 13 percent derivation revenue.

The balance in the Excess Crude Account (ECA) was $473,754.57.

According to the Communiqué, in the month of November 2022, Oil and Gas Royalties and Petroleum Profit Tax (PPT) recorded significant increases while Import and Excise Duties increased marginally.

Value Added Tax (VAT) and Companies’ Income Tax (CIT), however, decreased considerably.