A total of N902.05 billion in revenue from the Federation Account in November 2022 was distributed among the three levels of government: the federal, the state, and the local governments.
The FAAC announced this yesterday in Abuja in a statement.
Payments made in December 2022 came from sources including Electronic Money Transfer Levy (EMTL) revenue, N10.971 billion, and Exchange Gain revenue, N7.164 billion.
In November, N40.695 billion was deducted as the cost of collection, while N232.288 billion was deducted as transfers, refunds, and taxes.
As of yesterday, the Excess Crude Account (ECA) was $473,754.57.
According to the FAAC statement, “from the total distributable revenue of N902.053 billion,” the Federal Government received N358.515 billion, the State Governments received N270.836 billion, and the Local Government Councils had N204.130 billion deposited into their respective coffers. N68.572 billion, or 13% of the derivation revenue, was distributed to the benefiting states.
The Federation Account received N938.618 billion in gross statutory revenue in November 2022. “was greater than the sum of N622.270 billion received in the previous month by N316.348 billion,” the statement read.
“From the N681.079 billion distributable statutory revenue, the Federal Government received N323.094 billion, the State Governments received N163.878 billion, and the Local Government Councils received N126.343 billion. The sum of N67.765 billion was shared with the relevant States as 13% derivation revenue”, according to the FAAC’s announcement.
In addition, N217.825 billion in VAT receipts were deposited into the Federation Account for November.
This is N11.216 trillion, less than the N229.041 trillion deposited into the same account in October 2022.
Of the total N202.839 billion in Value Added Tax (VAT) revenue, the federal government earned N30.426 billion, the state governments received N101.420 billion, and the local government councils received N70.994 billion.
The Federal Government received N3.349 billion, the State Governments received N1.699 billion, the Local Government Councils received N1.309 billion, and the States that benefited from the 13 per cent derivation received N0.807 billion of the N7.164 billion in Exchange Gain earnings.
The Federal Government was credited with N1.646 billion from the N10.971 billion EMTL revenue, the State Governments were credited with N5.485 billion, and the Local Government Councils were credited with N3.840 billion.
“In November 2022, Oil and Gas Royalties and Petroleum Profit Tax (PPT) recorded significant increases; Import and Excise Duties increased marginally while Value Added Tax (VAT) and Companies Income Tax (CIT) decreased considerably.