The Federation Account Allocation Committee (FAAC) has shared a total sum of N1.928 trillion among the three tiers of government for the month of November.
A statement issued by the Federal Ministry of Finance on Monday night in Abuja disclosed that total accruals into the Federation Account for the month stood at N2.343 trillion.
From the amount distributed, the Federal Government received N747.159 billion, state governments received N601.731 billion, while local government councils received N445.266 billion. In addition, oil-producing states received N134.355 billion as derivation revenue, representing 13 per cent of mineral revenue.
The statement further showed that N84.251 billion was deducted as cost of collection, while N330.625 billion was allocated for transfers, interventions and refunds.
Gross revenue available from Value Added Tax (VAT) for the month amounted to N563.042 billion, compared with N719.827 billion distributed in the preceding month, reflecting a decrease of N156.785 billion.
From the VAT revenue, N22.522 billion was allocated for cost of collection, while N54.682 billion was set aside for transfers, interventions and refunds. The balance of N485.838 billion was distributed to the three tiers of government, with the Federal Government receiving N72.876 billion, states N242.919 billion, and local government councils N170.043 billion.
According to the statement, gross statutory revenue for the month stood at N1.736 trillion, lower than the N2.164 trillion recorded in the previous month by N427.969 billion.
From the statutory revenue, N59.993 billion was allocated as cost of collection, while N273.925 billion was set aside for transfers, interventions and refunds. The remaining balance of N1.403 trillion was shared, with the Federal Government receiving N668.336 billion, states N338.989 billion, local government councils N261.346 billion, and N134.355 billion allocated to derivation revenue for mineral-producing states.
In addition, revenue from the Electronic Money Transfer Levy (EMTL) amounted to N43.400 billion, which was distributed as follows: the Federal Government received N5.947 billion, states N19.823 billion, and local government councils N13.876 billion. The sum of N1.736 billion was allocated for cost of collection, while N2.018 billion was set aside for transfers, refunds and savings.
Vanguard
