The Federation Account Allocation Committee (FAAC) disbursed a total sum of N1.08 trillion as actual revenue to the federal, state, and local government areas in November 2023, according to a communique released following its December 2023 meeting.
The breakdown of the N1.08 trillion total distributable revenue included N376.306 billion in distributable statutory revenue, N335.656 billion in distributable Value Added Tax (VAT) revenue, N11.952 billion in electronic money transfer levy revenue, and N364.869 billion in exchange difference revenue.
The communique revealed that a total revenue of N1.62 trillion was available in November 2023 as statutory revenue. Deductions for the cost of collection amounted to N60.960 billion, while total transfers, interventions, and refunds stood at N470.592 billion.
For November 2023, a gross statutory revenue of N882.56 billion was received, marking an increase of N222.47 billion from the N660.090 billion received in October 2023.
The gross revenue from VAT in November 2023 was N360.455 billion, surpassing the N347.343 billion recorded in October 2023 by N13.112 billion. The communique detailed the distribution of the N1,088.783 billion total distributable revenue, with the federal government receiving N402.86 billion, state governments receiving N351.7 billion, and local government areas receiving N258.81 billion.
A sum of N75.410 billion (13 percent of mineral revenue) was shared with benefiting states as derivation revenue. From the distributable statutory revenue of N376.306 billion, the federal government received N174.908 billion, states received N88.716 billion, and local government areas received N68.396 billion. Additionally, N44.286 billion (13 percent of mineral revenue) was shared with benefiting states as derivation revenue.
The distribution of the N335.656 billion distributable VAT revenue included N50.348 billion to the federal government, N167.828 billion to the 36 states, and N117.480 billion to local government areas.
The N11.952 billion electronic money transfer levy was allocated with the federal government receiving N1.793 billion, state governments receiving N5.976 billion, and local government councils receiving N4.183 billion.
From the N364.869 billion exchange difference revenue, the federal government received N175.817 billion, state governments received N89.177 billion, and local government areas received N68.751 billion. An additional N31.124 billion (13 percent of mineral revenue) was shared with benefiting states as derivation revenue.
In November 2023, significant increases were observed in Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), Oil and Gas Royalties, and Value Added VAT, while transfer levies, import duty, and money transfer recorded decreases.
The report concluded that the excess crude account balance remained at $473,754.57.
