Emmanuel OchayiIn a fiscal stride, the Federation Account Allocation Committee (FAAC) disbursed a total of N1.088 trillion derived from November 2023 Federation Account revenue from Federal, State, and Local governments.
The distribution encompassed a blend of revenue sources, including statutory funds, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference revenue, as outlined in a communique released following the FAAC meeting in Abuja.
Join our WhatsApp ChannelThe breakdown of the N1.088 trillion distributable revenue showcased a financial windfall for various tiers of government.
Notably, the Federal Government received N402.867 billion, while State Governments were allocated N351.697 billion, and Local Government Councils obtained N258.810 billion.
READ ALSO: FAAC Disburses N1.80 Trillion In August 2023, N0.9 Trillion Drop From July
This allocation included diverse revenue streams. The distributable statutory revenue stood at N376.306 billion, with the Federal Government receiving N174.908 billion, States getting N88.716 billion, and Local Government Councils securing N68.396 billion.
Additionally, the Value Added Tax (VAT) revenue accounted for N335.656 billion, where the Federal Government obtained N50.348 billion, State Governments received N167.828 billion, and Local Government Councils garnered N117.480 billion.
Moreover, the Electronic Money Transfer Levy (EMTL) of N11.952 billion was apportioned, with the Federal Government acquiring N1.793 billion, State Governments receiving N5.976 billion, and Local Government Councils obtaining N4.183 billion.
Furthermore, the Exchange Difference revenue of N364.869 billion was shared among the Federal Government (N175.817 billion), State Governments (N89.177 billion), and Local Government Councils (N68.751 billion).
This distribution reflects a marked increase compared to the preceding month, underscoring a surge in revenue collection. The gross statutory revenue of N882.560 billion for November 2023 saw a rise from October 2023 by N222.470 billion.
Similarly, the VAT revenue experienced a surge, totaling N360.455 billion, marking an increase of N13.112 billion from the previous month.
An allocation of N75.410 billion was disbursed to oil-producing states as derivation revenue, representing 13% of mineral revenue. Additionally, N44.286 billion was shared among states benefitting from mineral revenue.
While this allocation serves as a financial boost for governmental operations, the communique also noted that the balance in the Excess Crude Account (ECA) stood at $473,754.57, further contributing to the nation’s fiscal stability and planning.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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