The three levels of government—the federal, the state, and the local—shared a total of N902.05 billion in revenue from the Federation Account in November 2022.
This was said in a statement released by the FAAC yesterday in Abuja.
Electronic Money Transfer Levy (EMTL) revenue of N10.971 billion and Exchange Gain revenue of N7.164 billion was used to fund payments in December 2022.
Transfers, refunds, and taxes totalled N232.288 billion in November, while the cost of collection was deducted from N40.695 billion.
The Excess Crude Account (ECA) had a balance of $473,754.57 as of yesterday.
The Federal Government received N358.515 billion, the State Governments received N270.836 billion, and the Local Government Councils had N204.130 billion placed into their respective accounts from the total distributable revenue of N902.053 billion, according to the FAAC statement. The beneficiary states received N68.572 billion, or 13% of the derivation money, in distribution.
In November 2022, the Federation Account collected N938.618 billion in gross statutory revenue. was N316.348 billion more than the total of N622.270 billion that was received in the previous month, according to the statement.
“From the N681.079 billion distributable statutory revenue, the Federal Government received N323.094 billion, the State Governments received N163.878 billion, and the Local Government Councils received N126.343 billion. The sum of N67.765 billion was shared with the relevant States as 13% derivation revenue”, according to the FAAC’s announcement.
In addition, N217.825 billion in VAT receipts were deposited into the Federation Account for November.
This is N11.216 trillion, less than the N229.041 trillion deposited into the same account in October 2022.
Of the total N202.839 billion in Value Added Tax (VAT) revenue, the federal government earned N30.426 billion, the state governments received N101.420 billion, and the local government councils received N70.994 billion.
The Federal Government received N3.349 billion, the State Governments received N1.699 billion, the Local Government Councils received N1.309 billion, and the States that benefited from the 13 per cent derivation received N0.807 billion of the N7.164 billion in Exchange Gain earnings.
The Federal Government was credited with N1.646 billion from the N10.971 billion EMTL revenue, the State Governments were credited with N5.485 billion, and the Local Government Councils were credited with N3.840 billion.
“In November 2022, Oil and Gas Royalties and Petroleum Profit Tax (PPT) recorded significant increases; Import and Excise Duties increased marginally while Value Added Tax (VAT) and Companies Income Tax (CIT) decreased considerably.