FAAC shares N902b to Federal, States Local Govts for November 2022
The Federal Government, States, and Local Government Councils have each received a total of N902.053 billion in November 2022 Federation Account Revenue from the Federation Account Allocation Committee (FAAC).
This was stated in a communiqué that was released following last night’s Federation Account Allocation Committee (FAAC) meeting in Abuja.
The total distributable revenue of N902.053 billion was made up of N681.079 billion in distributable statutory revenue, N202.839 billion in distributable Value Added Tax (VAT), N7.164 billion in distributable exchange gain, and N10.971 billion in distributable Electronic Money Transfer Levy (EMTL) revenue.
Deductions for transfers, refunds, and levies totaled N232.288 billion in November 2022, while deductions for cost of collection totaled N40.695 billion.
The Excess Crude Account (ECA) has a balance of $473,754.57.
The communiqué verified that out of the total N902.053 billion in distributable revenue, N358.515 billion went to the federal government, N270.836 billion to the states, and N204.130 billion to local government councils.
The relevant States received a total of N68.572 billion as a 13% derivation of revenue.
For the month of November 2022, gross statutory revenue of N938.618 billion was received. This was N316.348 billion more than the total of N622.270 billion that was received in the preceding month.
The Federal Government collected N323.094 billion, the State Governments N163.878 billion, and the Local Government Councils N126.343 billion from the N681.079 billion distributable statutory revenue.
The relevant States received a part of N67.765 billion, or 13% of the money derived from it.
Value Added Tax (VAT) gross receipts for the month of November 2022 were N217.825 billion. This was N11.216 billion less than the N229.041 billion that was made available in October 2022.
From the N202.839 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N30.426 billion, the State Governments N101.420 billion, and the Local Government Councils N70.994 billion.
The Federal Government received N3.349 billion, the State Governments N1.699 billion, the Local Government Councils N1.309 billion, and the relevant States received N0.807 billion as 13% derivation revenue from the N7.164 billion Exchange Gain revenue.
The Federal Government collected N1.646 billion from the N10.971 billion Electronic Money Transfer Levy (EMTL) revenue, while the State Governments received N5.485 billion and the Local Government Councils received N3.840 billion.
The Communiqué states that while import and excise duties climbed only little in November 2022, oil and gas royalties and petroleum profit tax (PPT) experienced large rises. Value Added Tax (VAT) and Companies Income Tax (CIT) both saw significant declines, nevertheless.
