FAAC: FG, States, LGs Share N1.9trn in November

The Federation Account Allocation Committee (FAAC) has shared the sum of N1.928 trillion with the three tiers of government.

The Federal Ministry of Finance, in a statement last night in Abuja, indicated that accruals into the Federation Revenue for the month of November stood at N2.343 trillion.

The Federal Government received N747.159 billion, the states received N601.731 billion, and the local government councils got N445.266 billion, while the oil-producing states received N134.355 billion as derivation (13% of mineral revenue).

The sum of N84.251 billion was given for the cost of collection, while N330.625 billion was allocated for transfers, intervention and refunds.

Gross revenue available from the Value Added Tax (VAT) for the month under consideration was N563.042 billion as against N719.827 billion distributed in the preceding month, resulting in a decrease of N156.785 billion.

From the stated amount, the sum of N22.522 billion was allocated for the cost of collection, and the sum of N54.682 billion was given for transfers, intervention and refunds.

The remaining sum of N485.838 billion was distributed to the three tiers of government, with the federal receiving N72.876 billion, the states N242.919 billion, and local government councils N170.043 billion.

Accordingly, the Gross Statutory Revenue of N1.736 trillion received for the month was lower than the sum of N2.164 trillion received in the previous month by N427.969 billion.

From the stated amount, the sum of N59.993 billion was allocated for the cost of collection and a total sum of N273.925 billion for transfers, intervention and refunds.

The remaining balance of N1.403 trillion was distributed as follows: The federal government received N668.336 billion, the states received N338.989 billion, the sum of N261.346 billion was allocated to LGCs, while N134.355 billion was given to Derivation Revenue (13% mineral-producing states).

Also, the sum of N43.400 billion from the Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N5.947 billion, states got N19.823 billion, and local government councils received N13.876 billion, while N1.736 billion was allocated for the cost of collection, and the sum of N2.018 billion was given to transfers, refunds and savings.