The Federation Account Allocation Committee (FAAC) has distributed a total of N902.053 billion in November revenue among the three tiers of government and other statutory beneficiaries.
The total distributable revenue consisted of statutory revenue of N681.079 billion, value-added tax (VAT) income of N202.839 billion, exchange gain revenue of N7.164 billion, and N10.971 billion in electronic money transfer levy revenue.
The new disbursements were outlined in a communiqué following the December 2022 FAAC meeting. The total deductions for cost of collection in November 2022 were N40.695 billion, with total deductions for transfers, refunds, and levies amounting to N232.288 billion.
The balance in the Excess Crude Account (ECA) was $473,754.57. According to the communiqué, the federal government received N358.515 billion, state governments received N270.836 billion, and local governments (LGAs) received N204.130 billion from the total distributable revenue of N902.053 billion.
An additional N68.572 billion was shared with relevant states as 13% derivation revenue. Gross statutory revenue of N938.618 billion was received in November 2022, an increase of N316.348 billion from the N622.270 billion received in the previous month.
The federal government received N323.094 billion from the N681.079 billion in distributable statutory revenue, while the 36 states and the Federal Capital Territory (FCT) received N163.878 billion and LGAs received N126.343 billion. N67.765 billion was shared with relevant states as 13% derivation revenue.
VAT revenue for the month of November 2022 was N217.825 billion, a decrease from the N229.041 billion available in October 2022 by N11.216 billion. The federal government received N30.426 billion, state governments received N101.420 billion, and LGAs received N70.994 billion from the N202.839 billion in VAT revenue.
The N7.164 billion in exchange gain revenue was distributed to the federal government (N3.349 billion), state governments (N1.699 billion), and LGAs (N1.309 billion), with N0.807 billion going to oil-producing states as 13% derivation revenue.
The central government received N1.646 billion, state governments received N5.485 billion, and LGAs received N3.840 billion from the N10.971 billion in electronic money transfer levy revenue.
According to the communiqué, oil and gas royalties and petroleum profit tax saw significant increases in November 2022, while import and excise duties saw a marginal increase.
However, VAT and companies income tax saw considerable decreases.
