FAAC Disburses N736.8bn to FG, States, Councils for November 2022

By Adedapo Adesanya

The Federation Account Allocation Committee (FAAC) has disbursed a total of N736.8 billion to the three tiers of government as federation allocation for the month of November 2022.

The funds generated in October 2022 by the nation are inclusive of gross statutory revenue, Value Added Tax (VAT), exchange gain, and augmentation from non-oil revenue.

From the sum, the federal government received N293.955 billion, the states got N239.512 billion, and the Local Government Councils got N177.086 billion, while the oil-producing states received N26.228 billion as derivation (13 per cent Mineral Revenue).

A communiqué issued by FAAC after its monthly meeting said the gross revenue available from the VAT for October 2022 was N213.283 billion, which is an increase from what was distributed in the preceding month.

It also showed that the federal government got N31.992 billion, the states received N106.642 billion, and the councils shared N74.649 billion.

The gross statutory revenue of N417.724 billion distributed was lower than the sum received in the previous month, from which the central government was allocated the sum of N206.576 billion, states got N104.778 billion, LGCs got N80.779 billion, and oil-producing states received N25.591 billion as 13 per cent derivation.

The communiqué stated that N70 billion augmentation was distributed to the three tiers of government, including the federal government (N36.876 billion), states (N18.704 billion), and LGCs (N14.420 billion).

In addition, another extra N30 billion augmentation from non-oil revenue was distributed this month, with N15.804 billion allocated to the federal government, N8.016 billion to the states, and N6.180 billion to LGCs.

According to the FAAC, N5.775 billion from exchange gain was shared among the federal government (N2.707 billion), states (N1.373 billion), and LGCs (N1.058 billion), while the oil-producing states got N0.637 billion.

It also revealed that oil and gas royalties, Petroleum Profit Tax (PPT) and import duty recorded considerable decreases, while VAT, and Companies Income Tax (CIT) increased significantly, with excise duty rising marginally.

The total revenue distributable for the month was reportedly drawn from statutory revenue of N417.724 billion, VAT of N213.283 billion, exchange gain of N5.775 billion, and N100 billion augmentation from non-oil revenue, bringing the total distributable for the month to N736.782 billion.

However, the balance in the Excess Crude Account (ECA) as of November 23, 2022, stood at $472,513.64.