In the latest disbursement from the Federation Account Allocation Committee (FAAC), the Federal Government, States, and Local Government Councils have collectively received a substantial sum of N1.088 trillion, sourced from the November 2023 Federation Account revenue.
The allocation breakdown encompasses various components, including a distributable statutory revenue of N376.306 billion, distributable Value Added Tax (VAT) revenue of N335.656 billion, Electronic Money Transfer Levy revenue of N11.952 billion, and Exchange Difference revenue of N364.869 billion.
The FAAC meeting, held in Abuja on Friday, concluded with a communique revealing that the total revenue earned in November 2023 reached N1.620 trillion. Deductions from the cost of collection amounted to N60.960 billion, with N470.592 billion allocated for transfers, interventions, and refunds. Furthermore, a gross statutory revenue of N882.560 billion was received for November 2023.
Compared to the previous month, the amount released saw a significant increase, surpassing the N660.090 billion received in October 2023 by N222.470 billion.
In terms of distribution, the Federal Government received N402.867 billion from the total distributable revenue, while State Governments received N351.697 billion, and Local Government Councils received N258.810 billion. Additionally, oil-producing states were allocated N75.410 billion as derivation revenue, constituting 13% of the mineral revenue.
Breaking down the distributable statutory revenue of N376.306 billion, the Federal Government received N174.908 billion, State Governments received N88.716 billion, and Local Government Councils received N68.396 billion. The statement also highlighted that N44.286 billion, equivalent to 13% of mineral revenue, was shared with the benefiting states as derivation revenue.
The latest FAAC allocation underscores the financial inflow to various tiers of government, contributing to the ongoing fiscal activities in the country.
