FAAC: Federal, States And LGs Receive N1.08trn In November

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 November.

Gatekeepers News reports that the communique issued by FAAC at the end of its meeting disclosed that the amount was derived from a gross total of N1.62 trillion naira.

The breakdown of the allocation indicated that the Federal Government received N402.867 billion, the States received N351.697 billion, and the Local Government Councils received N258.810 billion.

Similarly, the oil-producing States received N75.410 billion as Derivation.

According to the communique, “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 communique further added that “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.”

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.