FAAC Revenue Rises by 20.04%, Allocate N1.08trn to FG, States and LGAs in November

The total distributable revenue between the federal, state and local governments increased by 20.04% to N1.08 trillion in October.

This represents a rise of N181.82 billion from the N906.96 billion disbursed between the three levels of government in October.

The Federation Account Allocation Committee (FAAC) disbursed a total of N1,088.783 trillion to the three tiers of government as Federation Allocation, derived from a gross total of N1.62 trillion.

Breakdown of the allocation

The allocation breakdown includes N402.867 billion for the Federal Government, N351.697 billion for the States, N258.810 billion for Local Government Councils, and N75.410 billion for Oil Producing States as Derivation.

The oil-producing states are Delta, Edo, Rivers, Imo, Bayelsa, Akwa-Ibom, Abia, and Ondo. These oil-producing states receive 13% derivation of the oil revenue produced from their states.

Breakdown of revenue

FAAC’s communique, issued after its meeting, disclosed an increase in Gross Revenue from the Value Added Tax (VAT) to N360.455 billion in November. This included N10.381 billion for Transfers, Intervention, and Refunds, and N14.418 billion allocated for Cost of Collection.

The Gross Statutory Revenue for the month amounted to N882.561 billion, reflecting growth in various taxes like Company Income Tax (CIT), Excise Duty, Petroleum Profit Tax, and Value Added Tax (VAT).

The distribution encompassed Statutory Revenue, Value Added Tax, Electronic Money Transfer Levy, and Exchange Difference, totalling N1.088 trillion.

The Excess Crude Account’s (ECA) balance stood at $473,754.

Wale Edun, the Minister of Finance and chair of the meeting expressed his dedication to economic growth, applauding FAAC members for their support and cooperation.

About the FAAC

The Federation Account Allocation Committee (FAAC or the “Committee”) disburses allocations from the revenues generated into the Federation Accounts.

The Federal Government receives 52.68% of the total sum while the State and Local governments receive 26.72% and 20.6-% respectively. A 13% derivation fund is shared among the oil-producing states