SAT, DEC 16 2023-theGBJournal|The Federation Account Allocation Committee (FAAC) on Friday said it shared the sum of N1,088.783 trillion to the three tiers of government as Federation Allocation for the month of November, derived from a gross total of N1.62 trillion naira.
The Federal Government received N402.867 billion, the States share totalled N351.697 billion while Local Government Councils received N258.810 billion. Oil Producing States received extra N75.410 billion as Derivation.
Gross Revenue available from the Value Added Tax (VAT) increased to N360.455 billion in November from the previous month, with N10.381 billion given for Transfers, Intervention, and Refunds, and N14.418 billion allocated for Cost of Collection, according to the communique issued by FAAC at the end of it’s meeting Friday.
The Gross Statutory Revenue received for the month was N882.561 billion, with various taxes such as Company Income Tax, Excise Duty, Petroleum Profit Tax, and Value Added Tax increasing.
The total amount distributed was drawn from Statutory Revenue, Value Added Tax, Electronic Money Transfer Levy, and Exchange Difference, amounting to N1.088 trillion. The balance in the Excess Crude Account was $473,754 dollars.
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