FAAC Shares N1.78trn Revenue For December To Federal, State, Local Govts

The Federation Account Allocation Committee (FAAC) has shared a total sum of N1.783 trillion from November 2023 revenue actual to the federation account, to the federal, state and local governments in the country.

As contained in a communique issued by FAAC at its December 2023 meeting, the N1.783 trillion total distributable revenue comprised distributable statutory revenue of N376.306 billion, distributable Value Added Tax (VAT) revenue of N335.656 billion, electronic money transfer levy revenue of N11.952 billion and exchange difference revenue of N364.869 billion.

According to the communique that was issued at the end of the third day of the meeting on Friday, the total revenue of N1.6 trillion was available in November 2023. Total deductions for cost of collections were N60.960 billion; total transfers, interventions and refunds were N470.592 billion.

Gross statutory revenue of N882.560 billion was received for November 2023. This was higher than the N660.090 billion received in October 2023 by N222.470 billion.

The gross revenue available from the VAT in November 2023 was N360.455 billion. This was higher than the N347.343 billion available in October 2023 by N13.112 billion.

The communique stated that from the N1088.783 billion total distributable revenue, the federal government received a total of N402.867 billion, the state governments received N351.697 billion and the 774 local government areas received N258.810 billion.