FG, States and LGs share N902bn November revenue

Newsflash Nigeria StaffDecember 16, 2022

2 minutes read

The Federal, States and local governments have shared N902.053 billion in November 2022 revenue from the Federation Account.

This was contained in a statement by the Federation Account Allocation Committee (FAAC) on Thursday evening in Abuja.

The money which was shared in December 2022 comprises 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.

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

The balance in the Excess Crude Account (ECA) as of 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 with the benefiting states as 13 percent derivation revenue.

“In November, the Federation Account received gross statutory revenue of N938.618 billion.

This 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.

In November, proceeds from Value Added Tax (VAT) into the Federation Account amounted to N217.825 billion. “This is lower than the N229.041 billion that accrued into the same account in the month of October 2022 by N11.216 billion.

From VAT, the Federal Government received N30.426 billion, the State Governments got N101.420 billion and the Local Government Councils pocketed N70.994 billion from the N202.839 billion distributable Value Added Tax (VAT) revenue.

The N7.164 billion Exchange Gain revenue was distributed as follows: the Federal Government, N3.349 billion; the State Governments N1.699 billion; the Local Government Councils N1.309 billion and the 13 per cent derivation benefiting States received N0.807 billion.

From the N10.971 billion Electronic Money Transfer Levy (EMTL) revenue, the Federal Government was credited with N1.646 billion, the State Governments received N5.485 billion and the Local Government Councils got N3.840 billion.

“In November 2022, Oil and Gas Royalties and Petroleum Profit Tax (PPT) recorded significant increases; Import and Excise Duties increased marginally while, Value Added Tax (VAT) and Companies Income Tax (CIT) decreased considerably,” it added.