FAAC Shares ₦1.088trn to FG, States, LGCs For November
The Federation Account Allocation Committee (FAAC) has shared a total of ₦1,088.783 trillion to the federal, states, and local government councils as statutory allocation for November.
The amount was derived from a gross total of ₦1.62 trillion.
Of the sum, the Federal government received ₦402.867 billion; the States received ₦351.697 billion, the Local Government Councils received ₦258.810 billion, and the Oil Producing States received ₦75.410 billion as Derivation.
The communique issued by FAAC at the end of its meeting revealed that the Gross Revenue available from the Value Added Tax (VAT) increased to ₦360.455 billion in November from the previous month, with ₦10.381 billion given for Transfers, Intervention, and Refunds, and ₦14.418 billion allocated for Cost of Collection.
The Gross Statutory Revenue received for the month was ₦882.561 billion, with various taxes such as Company Income Tax, Excise Duty, Petroleum Profit Tax, and Value Added Tax increasing.
The total amount distributed was drawn from Statutory Revenue, Value Added Tax, Electronic Money Transfer Levy, and Exchange Difference, amounting to ₦1.088 trillion. The balance in the Excess Crude Account was $473,754 dollars.
The Minister of Finance, Wale Edun, who chaired the meeting expressed his commitment to achieving economic growth while commending the FAAC members for their support and cooperation.
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