Three tiers of govt shared N902bn allocation in November – FAAC

The Federation Account Allocation Committee (FAAC), at its meeting, shared a total sum of N902.053 billion to the three tiers of government for November 2022.

Also, the country’s Excess Crude Account (ECA), as of December 15th, 2022, stood at $473,754.57.

A breakdown of the amount received showed that the federal government got N358.515bn, the states received N270.836 billion, and the Local Government Councils got N204.130 billion.

Also, oil-producing states received an additional N68.572 billion as 13 percent of the derivative of Mineral Revenue.

At the end of the meeting on Thursday, the communiqué issued by the FAAC showed that the Gross Revenue available from the Value Added Tax (VAT) for November 2022; was N202.839 billion, which was a decrease distributed in the preceding month.

The distribution is as follows; the Federal Government got N30.426 billion, the states received N101.420 billion, and Local Government Councils received N70.994 billion.

Accordingly, the Gross Statutory Revenue of N681.079 billion distributed was higher than the sum received in the previous month, from which the Federal Government was allocated the sum of N323.094 billion, states got N163.878 billion, LGCs got N126.343 billion, and Oil Derivation (13% Mineral Revenue) got N67.765 billion.

Also, the sum of N10.971 billion from the Electronic Money Transfer Levies (EMTL) was distributed to the three tiers of government as follows; the Federal Government received N1.646 billion, states got N5.485 billion, Local Government Councils received N3.840 billion.

The communique added that it drew the total revenue distributable for November from Statutory Revenue of N681.079 billion. While the Value Added Tax (VAT) of N202.839 billion, Exchange Gain of N7.164 billion, N10.971 billion from Electronic Money Transfer Levies (EMTL) and bringing the total distributable for the month to N902.053 billion.

However, the Excess Crude Account (ECA), as of the balance on December 15th, 2022, stands at $473,754.57.