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HomeTop NewsNigeria distributes N902 bln in Nov revenue among three tiers

Nigeria distributes N902 bln in Nov revenue among three tiers

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Nigeria has distributed N902.053 billion in Federation Account Revenue for November 2022 to the three tiers of government, Federal, State, and Local Government Councils.

The Federation Account Allocation Committee (FAAC) disclosed this in a communiqué issued on Friday at the conclusion of the FAAC meeting in Abuja.

The total distributable revenue of N902.053 billion included distributable statutory revenue of N681.08 billion, distributable Value Added Tax (VAT) revenue of N202.84 billion, Exchange rate Gain revenue of N7.16 billion, and Electronic Money Transfer Levy (EMTL) revenue of N10.971 billion.

Total deductions for the cost of collection in November 2022 were N40.69 billion, and total deductions for transfers, refunds, and levies were N232.29 billion.

The Excess Crude Account (ECA) balance was $473,754.57.

The communiqué confirmed that the Federal Government received N358.515 billion from the total distributable revenue of N902.053 billion, the State Governments received N270.836 billion, and the Local Government Councils received N204.13 billion.

Also, the 13 percent derivation revenue,  totaling N68.572 billion was distributed to the relevant states.

For the month of November 2022, gross statutory revenue of N938.62 billion was received.

This was N316.35 billion more than the previous month’s total of N622.27 billion.

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The Federal Government received N323.09 billion of the N681.08 billion in distributable statutory revenue, the State Governments received N163.88 billion, and the Local Government Councils received N126.34 billion.

As 13 percent derivation revenue, N67.76 billion was distributed to the relevant oil-producing states.

The gross revenue available from the Value Added Tax (VAT) for the month of November 2022 was N217.825 billion.

This was N11.22 billion less than the N229.04 billion available in October 2022.

From the N202.839 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N30.43 billion, the State Governments received N101.420 billion, and the Local Government Councils received N70.994 billion.

The N7.164 billion Exchange Gain revenue was distributed as follows: the Federal Government received N3.349 billion, state governments received N1.699 billion, local governments received N1.309 billion, and relevant states received N0.807 billion as 13 percent derivation revenue.

The Federal Government received N1.646 billion from the N10.971 billion Electronic Money Transfer Levy (EMTL) revenue, State Governments received N5.485 billion, and Local Government Councils received N3.840 billion.

According to the Communiqué, Oil and Gas Royalties and Petroleum Profit Tax (PPT) increased significantly in November 2022, while Import and Excise Duties increased marginally.

However, Value Added Tax (VAT) and Corporation Income Tax (CIT) were significantly reduced.

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