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FAAC: FG, States and LGs Share N902.053 billion for November

by Our Reporter
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The Federal, States and Local Governments have shared N902.053 billion November 2022 revenue from the Federation Account.

The money which was shared in December, 2022 comprises of distributable statutory revenue of N681.079 billion, distributable Value Added Tax (VAT) revenue of N202.839 billion, Exchange Gain revenue of N7.164 billion and N10.971 billion and Electronic Money Transfer Levy (EMTL) revenue.

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The total deductions for cost of collection for November was N40.695 billion and total deductions for transfers, refunds and levies was N232.288 billion.

The balance in the Excess Crude Account (ECA) as at the yesterday stands at $473,754.57.

The FAAC said: “From the total distributable revenue of N902.053 billion; the Federal Government got N358.515 billion, the State Governments went home with N270.836 billion and the Local Government Councils had their accounts credited with N204.130 billion. N68.572 billion was shared to the benefiting states as 13 percent derivation revenue.

“In November, the Federation Account received gross statutory revenue of N938.618 billion. This the statement said “was higher than the sum of N622.270 billion received in the previous month by N316.348 billion.

“From the N681.079 billion distributable statutory revenue, the Federal Government received N323.094 billion, the State Governments received N163.878 billion and the Local Government Councils received N126.343 billion. The sum of N67.765 billion was shared to the relevant States as 13% derivation revenue,” the FAAC statement said.

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