The Federation Account Allocation Committee (FAAC) has disbursed a total sum of N1.08 trillion as part of the November 2023 revenue distribution to the federal, state, and local government areas. The allocation breakdown was detailed in a communique released after the committee’s meeting in December 2023.
According to the communique, the N1.08 trillion total distributable revenue included N376.306 billion as distributable statutory revenue, N335.656 billion as distributable Value Added Tax (VAT) revenue, N11.952 billion from electronic money transfer levy revenue, and N364.869 billion from exchange difference revenue.
The total revenue available in November 2023 as statutory revenue was N1.62 trillion. Deductions for the cost of collection amounted to N60.960 billion, while total transfers, interventions, and refunds were N470.592 billion.
Gross statutory revenue for November 2023 reached N882.56 billion, representing an increase of N222.47 billion from the N660.090 billion received in October 2023.
The Value Added Tax (VAT) gross revenue in November 2023 was N360.455 billion, reflecting a rise of N13.112 billion from the N347.343 billion available in October 2023.
From the total distributable revenue of N1.08 trillion, the federal government received N402.86 billion, state governments received N351.7 billion, and local government areas received N258.81 billion. Additionally, N75.410 billion (13% of mineral revenue) was shared with benefiting states as derivation revenue.
Further distribution details revealed that from the distributable statutory revenue of N376.306 billion, the federal government received N174.908 billion, states received N88.716 billion, and local government areas received N68.396 billion. An additional N44.286 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.
The distributable VAT revenue of N335.656 billion was shared with the federal government receiving N50.348 billion, the 36 states receiving N167.828 billion, and local government areas receiving N117.480 billion.
The N11.952 billion electronic money transfer levy was distributed with the federal government receiving N1.793 billion, state governments receiving N5.976 billion, and local government councils receiving N4.183 billion.
From the N364.869 billion exchange difference revenue, the federal government received N175.817 billion, state governments received N89.177 billion, and local government areas received N68.751 billion. An additional N31.124 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.
In November 2023, notable increases were recorded in Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), Oil and Gas Royalties, and Value Added VAT. However, transfer levies, import duty, and money transfer experienced decreases.
The excess crude account maintained a balance of $473,754.57 as of the latest update. The FAAC’s meticulous disbursement reflects the ongoing efforts to ensure equitable allocation of revenue to support the financial needs of the federal, state, and local governments in Nigeria.