FG Receives ₦1.088 Trillion From FAAC, To Share With States, LGs

The Federal Government, States, and Local Government Councils have received a total sum of ₦1.088 trillion released from the Federation Account Allocation Committee (FAAC).

Naija News understands that the allocation, which was derived from the November 2023 Federation Account revenue, is made up of various components including a distributable statutory revenue of ₦376.306 billion, distributable Value Added Tax revenue of ₦335.656 billion, Electronic Money Transfer Levy revenue of ₦11.952 billion, and Exchange Difference revenue of ₦364.869 billion.

The communique issued at the end of the FAAC meeting in Abuja on Friday also revealed that the total revenue earned in November 2023 amounted to ₦1.620 trillion.

Additionally, ₦60.960 billion was deducted from the cost of collection, while ₦470.592 billion was allocated for transfers, interventions, and refunds. Furthermore, a gross statutory revenue of ₦882.560 billion was received for November 2023.

The communique signed by the Director, of Press and Public Relations, Bawa Mokwa, revealed that the amount released was higher than the ₦660.090 billion received in October 2023 by ₦222.470 billion.

In November 2023, the Value Added Tax generated a gross revenue of ₦360.455 billion, surpassing the ₦347.343 billion generated in October 2023 by ₦13.112 billion.

According to the communique, out of the total distributable revenue of ₦1.088 trillion, the Federal Government received ₦402.867 billion, the State Governments received ₦351.697 billion, and the Local Government Councils received ₦258.810 billion.

Additionally, a sum of ₦75.410 billion, which accounts for 13% of the mineral revenue, was shared with the oil-producing states as derivation revenue.

From the distributable statutory revenue of ₦376.306 billion, the Federal Government received ₦174.908 billion, the state governments received ₦88.716 billion, and the Local Government Councils received ₦68.396 billion.

“The sum of ₦44.286 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue,” the statement noted.