The three tiers of Government namely Federal, States and Local Governments Councils distributable revenue generated in November and shared in December has increased by N181,828 billion when compared to the previous month.

A check by this website shows that N1,088,783 trillion constitute the current revenue while N906,955 billion formed the total distributable revenue generated in October and shared in November.

Report from Federal Allocation Account Committee (FAAC) indicates that the Gross statutory revenue of N882.560 billion was received for the month of November 2023, which is higher than the N660.090 billion received in the month of October 2023 by N222.470 billion.

On the other hand, the gross revenue available from the Value Added Tax (VAT) in November 2023 is N360.455 billion, which is higher than the N347.343 billion that was available in the month of October 2023 by N13.112 billion.

The communique further stated that from the N1088.783 billion total distributable revenue, the Federal Government received a total of N402.867 billion, the State Governments received N351.697 billion and the Local Government Councils received N258.810 billion.

This is in contrast to the previous month where the Federal Government received a total of N320,543 billion, the State Governments received N287,071 billion while the Local Government Councils received N210,900 billion.

Moreso, The Federal Government received N50.348 billion, the State Governments received N167. 828 billion and the Local Government Councils received N117.480 billion from the N335.656 billion distributable Value Added Tax (VAT) revenue.

Also, A total sum of N75.410 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

From Electronic Money Transfer (EMTL), N11.952 billion was derived and shared as FG received N1.793 billion, the State Governments received N5.976 billion and the Local Government Councils received N4.183 billion.

The Federal Government received N175.817 billion from the N364.869 billion Exchange Difference revenue. The State Governments received N89.177 billion, and the Local Government Councils received N68.751 billion. The sum of N31.124 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

In the month of November 2023, Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), Oil and Gas Royalties and Value Added Tax (VAT) increased considerably, while CET Levies, Import Duty and Electronic Money Transfer Levy (EMTL) recorded decreases.

The balance in the Excess Crude Account remains unchanged between the two months as it is pegged at $473,754.57.