VOICE AIR MEDIA News Update
THE Federation Account Allocation Committee (FAAC) has shared a total sum of N1.783 trillion from November 2023 revenue actual to the federation account, to the federal, state and local governments in the country.
As contained in a communique issued by FAAC at its December 2023 meeting, the N1.783 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 third day of the meeting on Friday, the total revenue of N1.6 trillion was available in November 2023. Total deductions for cost of collections were N60.960 billion; total transfers, interventions and refunds were N470.592 billion.
Gross statutory revenue of N882.560 billion was received for November 2023. This was higher than the N660.090 billion received in October 2023 by N222.470 billion.
The gross revenue available from the 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 N402.867 billion, the state governments received N351.697 billion and the 774 local government areas received N258.810 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 per cent 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.