FG, States, LGCs shares 1,088 trillion in FAAC allocation for November

As Federation Allocation for the month of November, the Federation Account Allocation Committee (FAAC) distributed N1,088.783 trillion naira to the three tiers of government.
The figure was calculated from a total of N1.62 trillion naira.
The Federal Government received N402.867 billion, the States received N351.697 billion, the Local Government Councils received N258.810 billion, and the Oil Producing States received N75.410 billion as Derivation.
According to the communique issued by FAAC at the conclusion of its meeting, the Gross Revenue available from Value Added Tax (VAT) increased to N360.455 billion in November from the previous month, with N10.381 billion allocated for Transfers, Intervention, and Refunds and N14.418 billion allocated for Cost of Collection. The month’s Gross Statutory Revenue was N882.561 billion, with various taxes like as Company Income Tax, Excise Duty, Petroleum Profit Tax, and Value Added Tax growing.
The entire amount disbursed was N1.088 trillion, which came from Statutory Revenue, Value Added Tax, Electronic Money Transfer Levy, and Exchange Difference. The Excess Crude Account has a balance of $473,754 USD.
The meeting was presided over by Minister of Finance Wale Edun, who reiterated his commitment to achieving economic growth while thanking FAAC members for their support and collaboration.