News

December 15, 2023

FAAC shares N1.088trn to FG, States, LGs

FEC approves N2.17trn 2023 supplementary budget

By Emma Ujah, Abuja Bureau Chief 

The Federation Account Allocation Committee (FAAC) has shared the sum of N1. 088 trillion to the Federal Government, States and Local Government Councils.   

A communique issued at the end of the FAAC, in Abuja, yesterday, indicated that the allocation came from November 2023 Federation Account revenue.

 The N1.088 trillion distributable revenue comprised a distributable statutory revenue of N376.306 billion, distributable Value Added Tax (VAT) revenue of N335.656 billion, Electronic Money Transfer Levy (EMTL) revenue of N11.952 billion and Exchange Difference revenue of N364.869 billion.   

According to the communique, a total revenue of N1. 620 trillion was earned in the month of November 2023.  

Out of the gross revenue, deductions for cost of collection was N60.960 billion; while total transfers, interventions and refunds stood at  N470.592 billion.   

Gross Statutory revenue of N882.560 billion was received for the month of November 2023. 

This was higher than the N660.090 billion received in the month of October 2023 by N222.470 billion.  

The gross revenue available from the Value Added Tax (VAT) in November 2023 was N360.455 billion.  

It was also higher than the N347.343 billion available in the month of October 2023 by N13.112 billion.   

The communique indicated that from the N1. 088 trillion total distributable revenue, the Federal Government received a total of N402.867 billion, the State Governments received N351.697 billion, while the Local Government Councils received N258.810 billion. 

A total sum of N75.410 billion (13% of mineral revenue) was shared with the benefiting oil-producing states as derivation revenue. 

From the N376.306 billion distributable statutory revenue, the Federal Government received N174.908 billion, the State Governments received N88.716 billion and the Local Government Councils received N68.396 billion. 

The sum of N44.286 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue. 

The Federal Government received N50.348 billion out of the N335. 656 billion distributable VAT.

State Governments received N167. 828 billion, while the Local Government Councils received N117.480 billion.

The N11.952 billion Electronic Money Transfer Levy (EMTL) 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 Local Government Councils received N68.751 billion. 

The sum of N31.124 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue. 

The balance in the ECA was $473,754.57.