Business & Markets

N1.1 Trillion Bonanza! FAAC Distributes December Revenue to FG, States, LGAs (Nigeria)

N1.1 Trillion Bonanza! FAAC Distributes December Revenue to FG, States, LGAs (Nigeria). Federation Account Allocation Committee (FAAC) has shared a total sum of N1.08 trillion in November 2023 revenue actual to the federation account to the federal, state and local government areas.

As contained in a communique issued by the FAAC at its December 2023 meeting, the N1.08 trillion total distributable revenue comprised 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.

According to the communique that was issued at the end of the 3rd of the meeting on Friday, the total revenue of N1. 62 trillion was available in November 2023 as statutory revenue. Total deductions for cost of collection was N60.960 billion; total transfers, interventions and refunds were N470.592 billion.

Gross statutory revenue of N882.56 billion was received for November 2023. This was higher than the N660.090 billion received in October 2023 by N222.47 billion.

The gross revenue available from the Value Added Tax (VAT) in November 2023 was N360.455 billion. This was higher than the N347.343 billion available in October 2023 by N13.112 billion.

The communique stated that from the N1088.783 billion total distributable revenue, the federal government received a total of N402.86 billion, the state governments received N351.7 billion and the local government areas received N258.81 billion.

A total sum of N75.410 billion (13 per cent of mineral revenue) was shared with the benefiting States as derivation revenue.

From the N376.306 billion distributable statutory revenue, the federal government received N174.908 billion, the states received N88.716 billion and the LGAs received N68.396 billion. The sum of N44.286 billion (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue.

The federal government received N50.348 billion, the 36 states received N167. 828 billion and LGAs: N117.480 billion from the N335.656 billion distributable VAT revenue.

The N11.952 billion electronic money transfer levy was shared as follows: the Federal Government received N1.793 billion, the State Governments received N5.976 billion and the Local Government Councils received N4.183 billion.

The federal government received N175.817 billion from the N364.869 billion Exchange Difference revenue. The State Governments received N89.177 billion, and the LGAs received N68.751 billion. The sum of N31.124 billion (13 percent of mineral revenue) was shared with the benefiting states as derivation revenue.

In November 2023, Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), Oil and Gas Royalties and Value Added VAT increased considerably, while transfer levies, import duty and money transfer recorded decreases.

The balance in the excess crude account remains $473,754.57.

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