FAAC disburses N1.08trn to FG, States, LGs

The Federation Account Allocation Committee (FAAC), has disbursed a total sum of N1,088.783 trillion to the three tiers of government as federation allocation for the month of November, 2023 from a gross total of N1, 620.335 trillion.

The total amount shared is a slight increase compared to N906.9 billion shared in the previous month.

According to the communique issued at the end of the Committee meeting on Friday, from the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference, the Federal Government received N402.867 billion, the States received N351.697 billion, the Local Government Councils got N258.810 billion, while the Oil Producing States received N75.410 billion as Derivation, (13% of Mineral Revenue).

Read also: FAAC disbursed N1.8trn to FG, States, LGs in August — NBS

The meeting which was chaired by the Wale Edun, the Minister of Finance and Co-ordinating Minister of the Economy, disbursed the sum of N60.960 billion as cost of collection, and N470.592 billion allocated for transfers intervention and refunds.

Thr gross revenue available from the Value Added Tax (VAT) for November 2023, was N360.455 billion, which was N13.112 billion increase from the N347.343 billion distributed in the preceding month.

From that amount, the sum of N14.418 billion was allocated for cost of collection and the sum of N10.381 billion given for transfers, intervention and refunds. “The remaining sum of N335.656 billion was distributed to the three tiers of government of which the Federal Government got N50.348 billion, the States received N167.828 billion, Local Government Councils got N117.480 billion.

“Accordingly, the Gross Statutory Revenue of N882.561 billion received in the month was higher than the sum of N660.090 billion received in the previous month of October, 2023 by N222.470 billion. From that amount, the sum of N46.044 billion was allocated for Cost of Collection and a total sum of N460.211 billion for Transfers, Intervention and Refunds. The remaining balance of N376.306 billion was distributed as follows to the three tiers of government: Federal Government was allocated the sum of N174.908 billion, States got N88.716 billion, LGCs got N68.396 billion, and Oil Derivation (13% Mineral Revenue) got N44.286 billion.

“Also, the sum of N12.450 billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N1.793 billion, States got N5.976 billion, Local Government Councils received N4.183 billion, while N0.498 billion was allocated for Cost of Collection,” it stated.

Read also: FAAC disbursement hit ₦1.134 trillion in June

The Communique disclosed that the exchange difference for the period was N364.869 billion. Of this amount, the federal government received N175.817 billion, the states got N89.177 billion, the sum of N68.751 billion allocated to local government councils, and N31.124 billion given for derivation (13% of mineral revenue).

Also, the total revenue distributable for the current month of November 2023, was drawn from Statutory Revenue of N376.306 billion, Value Added Tax (VAT) of N335.656 billion, N11.952 billion from Electronic Money Transfer Levy (EMTL), and N364.869 billion from Exchange Difference, bringing the total distributable amount for the month to N1,088.783 trillion.

The balance in the Excess Crude Account (ECA) as at December 15, 2023 stands at $473,754.57.

In his remarks at the meeting Wale Edun, the Minister of Finance and Co-ordinating Minister of the Economy, said the Tinubu led administration was committed to achieve rapid and sustained economic growth in the country.

He added that the Gross Domestic Growth(GDP) per Capita in Nigeria was increasing and getting many people out of poverty.