FG, States, LGs To Share N1.088trn Allocation For November

The Federal Government, States and Local Government Councils will share the sum of N1.088trillion from the Federation Account Allocation Committee (FAAC) for November.

This was revealed in a communique issued at the end of the FAAC, in Abuja, on Friday.

It indicated that the allocation came from November 2023 Federation Account revenue.

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The N1.088 trillion distributable revenue comprised a distributable statutory revenue of N376.306 billion, distributable Value Added Tax revenue of N335.656 billion, Electronic Money Transfer Levy revenue of N11.952 billion and Exchange Difference revenue of N364.869 billion.

According to the communique, a total revenue of N1.620 trillion was earned in November 2023.

Out of the gross revenue, deductions for the cost of collection was N60.960 billion; while total transfers, interventions and refunds stood at N470.592 billion.

Gross Statutory revenue of N882.560 billion was received for November 2023.

A statement signed by the Director, Press and Public Relations, Bawa Mokwa, said this amount was higher than the N660.090 billion received in October 2023 by N222.470 billion.

The gross revenue available from the Value Added Tax in November 2023 was N360.455 billion.

It was also higher than the N347.343 billion available in October 2023 by N13.112 billion.