The Federation Account Allocation Committee (FAAC) Friday shared a total sum of N1.089 trillion among the federal, state and local government councils as allocation from a gross revenue of N1, 620.335 trillion for November.
The disbursement was made at the FAAC December meeting in Abuja, according to a communique issued by the Committee.
From the shared amount, inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference, the federal government received N402.867 billion, states got N351.697 billion, local government councils received N258.810 billion, while the oil producing states received N75.410 billion as 13 per cent derivation.
Citing the communique, separate statements issued by the Ministry of Finance and the Office of the Accountant of Generation (OAGF), disclosed that the sum of N60.960 billion was for cost of collection, and N470.592 billion allocated for transfers intervention and refunds.
Gross revenue available from VAT was N360.455 billion, an increase from the N347.343 billion distributed in the preceding month, resulting in an increase of N13.112 billion.
From the amount, the sum of N14.418 billion was allocated for cost of collection, N10.381 billion given for transfers, intervention and refunds.
The remaining sum of N335.656 billion was distributed to the three tiers of government with the federal government receiving N50.348 billion, states received N167.828 billion, local governments- N117.480 billion.
The Gross Statutory Revenue of N882.561 billion received in the reference month was higher than the sum of N660.090 billion received in the previous month of October, by N222.470 billion.
From that amount, the sum of N46.044 billion was allocated for cost of collection and a total sum of N460.211 billion for transfers, intervention and refunds.
The remaining balance of N376.306 billion was distributed as follows to the three tiers of government: Federal government (N174.908 billion), States (N88.716 billion), local governments (N68.396 billion), and 13 oer cent oil derivation (N44.286 billion).Also, the sum of N12.450 billion from Electronic Money Transfer Levy (EMTL) was distributed to the three tiers of government with the federal government receiving N1.793 billion, states got N5.976 billion, local government councils N4.183 billion, while N0.498 billion was allocated for cost of collection.
