Jonathan Nwokpor
The federal, state, and local governments of the nation shared N1.783 trillion in revenue that was accumulated to the federation account as of November 2023, according to the Federation Account Allocation Committee, FAAC.
The FAAC released a statement following its December 2023 meeting, stating that the N1.783 trillion total distributable revenue was made up of N376.306 billion in distributable statutory revenue, N335.656 billion in distributable Value Added Tax (VAT) revenue, N11.952 billion in revenue from the electronic money transfer levy, and N364.869 billion in revenue from exchange differences.
Compared to the N1.08 trillion shared in November 2023, the amount is higher.
The FAAC reported that as of last Friday, the third day of the meeting, there was N1.6 trillion in income available in November 2023. N60.960 billion was deducted overall for the cost of collecting; N470.592 billion was deducted overall for transfers, interventions, and refunds.
As a result, it said that N882.560 billion in gross statutory revenue was received for November 2023. This was N222.470 billion, more than the N660.090 billion that was received in October 2023.
In November 2023, the gross revenue generated by the VAT amounted to N360.455 billion. This was N13.112 billion more than the N347.343 billion that was available in October 2023.
According to the release, the federal government received N402.867 billion, the state governments received N351.697 billion, and the 774 local government areas received N258.810 billion out of the N1088.783 billion total distributable revenue.
The benefiting States received N75.410 billion (13% of the mineral revenue) as derivation revenue for the aforementioned accumulated amount.
The federal government received N174.908 billion, the states received N88.716 billion, and the local government units (LGAs) received N68.396 billion from the N376.306 billion distributable statutory revenue.
The beneficiary states received N44.286 billion (13% of the mineral earnings) as derivation revenue.
Of the N335.656 billion in distributable VAT revenue, the Federal Government received N50.348 billion, the 36 states received N167.828 billion, and LGAs received N117.480 billion.
The Federal Government collected N1.793 billion, State Governments received N5.976 billion, and Local Government Councils received N4.183 billion of the N11.952 billion electronic money transfer levy.
N175.817 billion of the N364.869 billion Exchange Difference revenue was given to the Federal Government. N68.751 billion was given to the LGAs, and N89.177 billion to the state governments. The beneficiary states received N31.124 billion, or 13% of the mineral earnings, as derivation money.
While transfer levies, import duties, and money transfers saw declines in November 2023, companies’ income tax (CIT), excise duty, petroleum profit tax (PPT), oil and gas royalties, and value-added VAT all saw significant increases.
There is still $473,754.57 left in the excess crude account balance.
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