Home Sectors BUSINESS & ECONOMY FAAC: FG, States, LGs Share N675bn For November

FAAC: FG, States, LGs Share N675bn For November

FAAC Distributed ₦695.03bn To FG, States, LGs In February

The three tiers of government have shared the sum of N675.946 billion as revenue from the Federation Account Allocation Committee (FAAC).

This is the revenue from November disbursed in December and is N4.036 billion higher than the allocation distributed in November.

This was contained in a communiqué issued at the end of a virtual FAAC meeting for December 2021.

It said the total distributable revenue of N675.946 billion comprised distributable statutory revenue of N488.674 billion, distributable value added tax (VAT) revenue of N182.678 billion, exchange gain of N4.156 billion and recovered excess bank charges of N0.438 billion.

The Federal Government received N261.441 billion of the money, while states and local councils got N210.046 billion and N155.456 billion, respectively.

Also, oil-producing states received N49.003 billion as a 13 percent derivation of mineral revenue.

It said the total deductions for cost of collection in November was N30.957 billion, while total deductions for statutory transfers, refunds and savings stood at N136.908 billion.

The total VAT revenue collected in November was N196.175 billion as against N166.284 billion in October, showing an increase of N29.891 billion.


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