The Federation Accounts Allocation Committee (FAAC) shared a total of N675.946 billion in November 2021 as revenue to the three tiers of government after its virtual conference held yesterday.
The conference was chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Alh. Aliyu Ahmed.
Henshaw Ogubike, Director (Information, Press and Public Relations), in a communiqué issued at the end of the virtual meeting stated that the N675.946 billion total distributable revenue comprised distributable statutory revenue of N488.674 billion; distributable Value Added Tax (VAT) revenue of N182.678 billion, Exchange Gain of N4.156 billion and Excess Bank Charges Recovered of N0.438 billion.
According to the communique, in November 2021, the total deductions for cost of collection was N30.957 billion and the total deductions for statutory transfers, refunds and savings was N136.908 billion.
The balance in the Excess Crude Account (ECA) was $35.365 million.
The communiqué confirmed that from the total distributable revenue of N675.946 billion; the Federal Government received N261.441billion, the State Governments received N210. 046 billion and the Local Government Councils received N155.456 billion. The sum of N49.003 billion was shared to the relevant States as 13% derivation revenue.
“The distributable statutory revenue of N488.674billion was available for the month. From this, the Federal Government received N231.863 billion, the State Governments received N117.604 billion and the Local Government Councils received N90.668 billion. The sum of N48.540 billion was shared to the relevant States as 13% derivation revenue”, Ogubike further stated.