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All Nigeria Latest News reports that the Federation Account Allocation Committee (FAAC) has shared a total sum of N1,088.783 trillion November 2023 Federation Account Revenue to the Federal, States and Local Governments.

As outlined in a communique issued by the FAAC during its December 2023 meeting, the total distributable revenue of N1.088.783 trillion included distributable statutory revenue of N376.306 billion, distributable 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.

The total revenue of N1,620.335 trillion was available in the month of November 2023, as stated in the FAAC communique from its December 2023 meeting.

The total deductions for the cost of collection amounted to N60.960 billion, while the total transfers, interventions, and refunds stood at N470.592 billion.

In November 2023, there was a gross statutory revenue receipt of N882.560 billion, surpassing the N660.090 billion received in October 2023 by N222.470 billion, according to the FAAC communique.

The gross revenue available from the Value Added Tax (VAT) in November 2023 was N360.455 billion.  This was higher than the N347.343 billion available in the month of October 2023 by N13.112 billion.

The Director (Press and Public Relations) in the Office of the Accountant General of the Federation, Bawa Mokwa said in a statement on Friday that “The balance in the ECA was $473,754.57”.

According to him, the communique stated that from the N1088.783 billion total distributable revenue, the Federal Government received a total of N402.867 billion, the State Governments received N351.697 billion and the Local Government Councils received N258.810 billion.

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

From the N376.306 billion distributable statutory revenue, the Federal Government received N174.908 billion, the State Governments received N88.716 billion and the Local Government Councils received N68.396 billion. The sum of N44.286 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

The Federal Government received N50.348 billion, the State Governments received N167. 828 billion and the Local Government Councils received N117.480 billion from the N335.656 billion distributable Value Added Tax (VAT) revenue.

The N11.952 billion Electronic Money Transfer Levy (EMTL) was shared as follows: the Federal Government received N1.793 billion, the State Governments received N5.976 billion and the Local Government Councils received N4.183 billion.

The Federal Government received N175.817 billion from the N364.869 billion Exchange Difference revenue.  The State Governments received N89.177 billion, and the Local Government Councils received N68.751 billion. The sum of N31.124 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

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