FAAC reported that it disbursed a total of N1.783 trillion from the November 2023 revenue to Nigeria’s federal, state, and local governments. This included various revenue streams such as statutory revenue, Value Added Tax (VAT), electronic money transfer levy, and exchange difference revenue.
Compared to the previous month’s N1.08 trillion, this disbursement marked an increase.
From the N1.6 trillion revenue available in November 2023, after deductions for cost of collections and transfers, interventions, and refunds totaling N60.960 billion and N470.592 billion respectively, the Gross Statutory Revenue stood at N882.560 billion, showing an increase from October 2023’s N660.090 billion.
The VAT revenue for November 2023 amounted to N360.455 billion, higher than October 2023’s N347.343 billion. Of the N1.783 trillion total distributable revenue, the federal government received N402.867 billion, state governments received N351.697 billion, and 774 local government areas received N258.810 billion.
Furthermore, derivation revenue totaling N75.410 billion from mineral revenue was shared with benefiting states. Breakdowns for various revenue streams distributed among the federal, state, and local governments were outlined, including VAT, electronic money transfer levy, and exchange difference revenue.
Notably, certain taxes like Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), Oil and Gas Royalties, and Value Added VAT saw increases, while transfer levies, import duty, and money transfer witnessed decreases in November 2023.
The Excess Crude Account balance remained at $473,754.57.
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