Federal Allocation: What FG, States And LGCs Shared For The Month Of November

Federal Allocation: What FG, States And LGCs Shared For The Month Of November

At its meeting, the Federation Account Allocation Committee (FAAC) distributed a total of N902.053 billion to the three tiers of government as Federation Allocation for the month of November 2022.

The Federal Government received N358.515 billion from this stated amount, inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Exchange Gain, and Electronic Money Transfer Levies (EMTL), the States received N270.836 billion, Local Government Councils received N204.130 billion, and Oil producing states received N68.572 billion as derivation (13% of Mineral Revenue).

The Communiqué issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting stated that the Gross Revenue available from the Value Added Tax (VAT) for November 2022 was N202.839 billion, a decrease from the previous month. The distribution is as follows: the Federal Government received N30.426 billion, the States received N101.420 billion, and Local Government Councils received N70.994 billion.

As a result, the Gross Statutory Revenue of N681.079 billion distributed was higher than the sum received the previous month, from which the Federal Government received N323.094 billion, States received N163.878 billion, LGCs received N126.343 billion, and Oil Derivation (13% Mineral Revenue) received N67.765 billion.

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In addition, the Federal Government received N1.646 billion, States received N5.485 billion, and Local Government Councils received N3.840 billion from the Electronic Money Transfer Levies (EMTL).

According to the Communiqué, the sum of N7.164 billion from Exchange Gain was distributed as follows: the Federal Government received N3.349 billion, the States received N1.699 billion, Local Government Councils received N1.309 billion, and Derivation (13% of Mineral Revenue) received N0.807 billion.

Oil and gas royalties and the Petroleum Profit Tax (PPT) increased significantly, while import and excise duties increased only marginally. However, Value Added Tax (VAT) and Corporation Income Tax (CIT) were significantly reduced.

The total revenue distributable for the current month of November was drawn from Statutory Revenue of N681.079 billion, Value Added Tax (VAT) of N202.839 billion, Exchange Gain of N7.164 billion, and Electronic Money Transfer Levies (EMTL) of N10.971 billion, bringing the total distributable for the month to N902.053 billion, according to the Communiqué.

However, as of December 15th, 2022, the balance in the Excess Crude Account (ECA) is $473,754.5.

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