Amidst increase in revenue accruable to the federation account, the Federation Account Allocation Committee (FAAC) has shared N902.053 billion to the Federal Government, States and Local Government Councils.
The amount was the revenue accruable to the federation account in November 2022.
Out of the amount, the Federal Government received N358.515 billion, the State Governments received N270.836 billion and the Local Government Councils received N204.130 billion.
A total sum of N68.572 billion was shared to the relevant oil-producing states as 13% derivation revenue.
A communiqué issued at the end of the FAAC meeting for December 2022 stated that the N902.053 billion total distributable revenue comprised 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 Electronic Money Transfer Levy (EMTL) revenue.
In November 2022, the total deductions for cost of collection was N40.695 billion and total deductions for transfers, refunds and levies was N232.288 billion.
The balance in the Excess Crude Account (ECA) was $473,754.57
The communiqué confirmed that gross statutory revenue of N938.618 billion was received for the month of November 2022.
This 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.
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For the month of November 2022, the gross revenue available from VAT was N217.825 billion. This was lower than the N229.041 billion available in the month of October 2022 by N11.216 billion.
The Federal Government received N30.426 billion, the State Governments received N101.420 billion and the Local Government Councils received N70.994 billion from the N202.839 billion distributable VAT revenue.
The N7.164 billion Exchange Gain revenue was distributed as follows: the Federal Government received N3.349 billion, the State Governments received N1.699 billion, the Local Government Councils received N1.309 billion and the relevant States received N0.807 billion as 13% derivation revenue.
From the N10.971 billion Electronic Money Transfer Levy (EMTL) revenue, the Federal Government received N1.646 billion, the State Governments received N5.485 billion and the Local Government Councils received N3.840 billion.
According to the communiqué, in the month of November 2022, Oil and Gas Royalties and Petroleum Profit Tax (PPT) recorded significant increases while Import and Excise Duties increased marginally.
However, VAT and Companies Income Tax (CIT) decreased considerably
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