FG, States, LGs Share N902.053 Billion as Federation Allocation for November

As part of the Federation Allocation for the month of November, the Federation Account Allocation Committee (FAAC) distributed N902.053 billion to the three levels of government.

This was said in a statement released on Thursday by the Director (Information/Press), Ministry of Finance, Budget, and National Planning, Phil Abiamuwe-Mowete.

The federal government received N358.515 billion from the N902.053 billion, the states received N270.836 billion, and the local government councils received N204.130 billion.

However, the oil-producing states received N68.572 billion as derivation funds (13 percent of Mineral Revenue).

The N902.053 billion is inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Exchange Gain and Electronic Money Transfer Levies (EMTL).

The communiqué issued indicated that the Gross Revenue available from the VAT for November was N202.839 billion, which was a decrease from what was distributed in the preceding month.

The communiqué also said the total revenue distributable for November was drawn from Statutory Revenue of N681.079 billion, VAT of N202.839 billion, Exchange Gain of N7.164 billion, and EMTL revenue of N10.971 billion.

However, the balance in the Excess Crude Account (ECA) as of December 15, stood at $473,754.57.





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