FAAC Shares N902.053bn To FG, States, LGCs As Nov 2022 Revenue

The Federation Account Allocation Committee (FAAC) has shared a total sum of N902.053billion November 2022 Federation Account Revenue to the Federal Government, States and Local Government Councils.
This was contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for December 2022.
The N902.053billion total distributable revenue comprised distributable statutory revenue of N681.079billion, distributable Value Added Tax (VAT) revenue of N202.839billion, Exchange Gain revenue of N7.164billion and N10.971billion Electronic Money Transfer Levy (EMTL) revenue.
In November 2022, the total deductions for cost of collection were N40.695billion and total deductions for transfers, refunds and levies was N232.288billion.
The balance in the Excess Crude Account (ECA) was $473,754.57.
The communiqué confirmed that from the total distributable revenue of N902.053billion; the Federal Government received N358.515billion, the State Governments received N270.836billion and the Local Government Councils received N204.130billion.
A total sum of N68.572billion was shared to the relevant states as 13percent derivation revenue.
Gross statutory revenue of N938.618billion was received for the month of November 2022.
This was higher than the sum of N622.270billion received in the previous month by N316.348billion.
From the N681.079billion distributable statutory revenue, the Federal Government received N323.094billion, the State Governments received N163.878billion and the Local Government Councils received N126.343billion.
The sum of N67.765billion was shared to the relevant states as 13percent derivation revenue.
For the month of November 2022, the gross revenue available from the Value Added Tax (VAT) was N217.825billion.
This was lower than the N229.041billion available in the month of October 2022 by N11.216billion.
The Federal Government received N30.426billion, the State Governments received N101.420billion and the Local Government Councils received N70.994billion from the N202.839billion distributable Value Added Tax (VAT) revenue.
The N7.164billion Exchange Gain revenue was distributed as follows: the Federal Government received N3.349billion, the State Governments received N1.699billion, the Local Government Councils received N1.309billion and the relevant states received N0.807billion as 13percent derivation revenue.
From the N10.971billion Electronic Money Transfer Levy (EMTL) revenue, the Federal Government received N1.646billion, the State Governments received N5.485billion and the Local Government Councils received N3.840billion.
According to the Communiqué, in the month of November 2022, Oil and Gas Royalties and Petroleum Profit Tax (PPT) recorded significant increases while Import and Excise Duties increased marginally.
However, Value Added Tax (VAT) and Companies Income Tax (CIT) decreased considerably.