FG, states, LGAs share N1.08trn as revenue allocation for November

The three tiers of government on Friday shared a total sum of N1.088.783 trillion as revenue allocation for November.

The Federation Account Allocation Committee (FAAC) disclosed this in a communiqué issued at the end of its meeting in Abuja.

According to the committee, the distributable revenue comprised statutory revenue of N376.306 billion, Value Added Tax (VAT) revenue of N335.656 billion, Electronic Money Transfer Levy (EMTL) revenue of N11.952 billion, and Exchange Difference revenue of N364.869 billion.

It added that total revenue of N1.620 trillion was available in November.

The communiqué read: “Total deductions for the cost of collection was N60.960 billion, total transfers, interventions, and refunds was N470.592 billion.

“Gross statutory revenue of N882.560 billion was received for November. This was higher than the N660.090 billion received in October by N222.470 billion.

“The gross revenue available from VAT in November was N360.455 billion. This was higher than the N347.343 billion available in October by N13.112 billion.

READ ALSO: FG, states, LGAs share N906bn as revenue allocation in October

“From the N1.088.783 trillion total distributable revenue, the Federal Government received N402.867 trillion, the state governments got N351.697 billion and the LGAs collected N258.810 billion.

“A total sum of N75.410 billion (13 percent of mineral revenue) was shared to the benefiting states as derivation revenue.

“From the N376.306 billion distributable statutory revenue, the federal government got N174.908 billion, the state governments received N88.716 billion and the LGAs collected N68.396 billion.

“The sum of N44.286 billion (13 percent of mineral revenue) was shared to the benefiting states as derivation revenue.

“The federal government collected N50.348 billion, the state governments got N167. 828 billion and the LGAs received N117.480 billion from the N335.656 billion distributable VAT revenue.

“From the N11.952 billion EMTL, the federal government received N1.793 billion, the state governments took N5.976 billion and the LGAs got N4.183 billion.”

FAAC revealed that the balance in the Excess Crude Account was $473.754 million.

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