The Federation Accounts Allocation Committee (FAAC) has shared a total of N675.946 billion November 2021 Federation Account Revenue to the Federal Government, States and Local Government Councils.
A communiqué issued at the end of a virtual meeting of FAAC for December 2021 stated that 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.
FAAC stated that 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, it stated.
The communiqué explained 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.
The Committee said in the month of November 2021, the gross revenue available from the Value Added Tax (VAT) was N196.175 billion. This was higher than the N166.284 billion available in the month of October 2021 by N29.891billion.