In November, the total distributable revenue to the federal, state, and local governments was N1.08 trillion, up 20.04% from October. Compared to the N906.96 billion distributed across the three tiers of government in October, this amounts to an increase of N181.82 billion.
From a gross total of N1.62 trillion, the Federation Account Allocation Committee (FAAC) distributed N1,088.783 trillion to the three tiers of government as Federation Allocation.
The allocation breakdown includes N402.867 billion for the Federal Government, N351.697 billion for the States, N258.810 billion for Local Government Councils, and N75.410 billion for Oil Producing States as Derivation.
The oil-producing states are Delta, Edo, Rivers, Imo, Bayelsa, Akwa-Ibom, Abia, and Ondo. These oil-producing states receive 13% derivation of the oil revenue produced from their states.
FAAC reported a November increase in Gross Revenue from Value Added Tax (VAT) to N360.455 billion, including N10.381 billion for Transfers, Intervention, and Refunds and N14.418 billion for Cost of Collection.
The Gross Statutory Revenue for the month reached N882.561 billion, indicating an increase in various taxes such as Company Income Tax, Excise Duty, Petroleum Profit Tax, and VAT.
The distribution included N1.088 trillion in Statutory Revenue, Value Added Tax, Electronic Money Transfer Levy, and Exchange Difference, with an Excess Crude Account (ECA) balance of $473,754.
