Dec. 15, 2023

The Federation Account Allocation Committee (FAAC) has shared the sum of N1,088.783 trillion naira to the three tiers of government as Federation Allocation for the month of November.

The amount was derived from a gross total of N1.62 trillion naira.

The breakdown of the allocation shows 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 it’s meeting revealed that the Gross Revenue available from the Value Added Tax (VAT) increased to N360.455 billion in November from the previous month, with N10.381 billion given for Transfers, Intervention, and Refunds, and N14.418 billion allocated for Cost of Collection.

The Gross Statutory Revenue received for the month was N882.561 billion, with various taxes such as Company Income Tax, Excise Duty, Petroleum Profit Tax, and Value Added Tax increasing.

The total amount distributed was drawn from Statutory Revenue, Value Added Tax, Electronic Money Transfer Levy, and Exchange Difference, amounting to N1.088 trillion. The balance in the Excess Crude Account was $473,754 dollars.

The Minister of Finance, Wale Edun, who chaired the meeting expressed his commitment to achieving economic growth while commending the FAAC members for their support and cooperation.