The Federation Account Allocation Committee (FAAC) has shared a total sum of N1,088.783 trillion to the three tiers of government as Federation Allocation for the month of November.
This allocation was derived from a gross total of N1.62 trillion.
The breakdown of the allocation reveals that the Federal Government received N402.867 billion, the States received N351.697 billion, the Local Government Councils received N258.810 billion, and the Oil Producing States received N75.410 billion as Derivation.
The communique issued by FAAC at the end of its meeting disclosed that the Gross Revenue available from the Value Added Tax (VAT) increased to N360.455 billion in November compared to the previous month. Of this amount, N10.381 billion was allocated for Transfers, Intervention, and Refunds, and N14.418 billion was earmarked for the Cost of Collection.
The Gross Statutory Revenue received for the month amounted to N882.561 billion, reflecting increases in various taxes such as Company Income Tax, Excise Duty, Petroleum Profit Tax, and Value Added Tax.
The total amount distributed was drawn from Statutory Revenue, Value Added Tax, Electronic Money Transfer Levy, and Exchange Difference, summing up to N1.088 trillion. As of the meeting date, the balance in the Excess Crude Account was $473,754.
The Minister of Finance, Wale Edun, who chaired the meeting, expressed his commitment to achieving economic growth. He commended the FAAC members for their support and cooperation.
