FAAC Distributes N675.946 Billion Among FG, States And LGCs

The Federation Accounts Allocation Committee (FAAC) has shared a total of N675.946 Billion November 2021 Federation Account Revenue to the Federal Government, States and Local Government Councils.  

This figure is contained in a communiqué issued at the end of a virtual meeting of the Federation Account Allocation Committee (FAAC) for December 2021.

The N675.946 billion total distributable revenue 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 Excess Bank Charges Recovered of N0.438 billion.

The communiqué confirmed that from the total distributable revenue of N675.946 billion; the Federal Government received N261.441billion, the State Governments received N210. 046 billion and the Local Government Councils received N155.456 billion. The sum of N49.003 billion was shared to the relevant States as 13% derivation revenue.
 
From the distributable statutory revenue of N488.674billion for the month, the Federal Government received N231.863 billion, the State Governments received N117.604 billion and the Local Government Councils received N90.668 billion, while N48.540 billion was shared to the oil producing States as 13% derivation revenue.

In the month of November 2021, the gross revenue available from the Value Added Tax (VAT) was N196.175 billion. This was higher than the N166.284 billion available in the month of October 2021 by N29.891billion.

From the N182.678 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N27.402 billion, the State Governments received N91.339 billion and the Local Government Councils received N63.937 billion.

The Federal Government received N1.946 billion from the total Exchange Gain revenue of N4.156 billion. The State Governments received N0.986 billion, the Local Government Councils received N0.761 billion and N0.463 billion was shared to the relevant States as 13% derivation revenue.

According to the Communiqué, in the month of November 2021, Petroleum Profit Tax (PPT), Oil and Gas Royalties, Companies Income Tax (CIT) and Value Added Tax (VAT), increased remarkably. Also, Import and Excise Duty increased marginally.

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