FAAC SHARES N902BN BETWEEN FG, STATES AND LGs FOR NOVEMBER 2022

December 15, 2022December 15, 2022

Read Time:49 Second

By Leke Yusuf

The Federation Account Allocation Committee (FAAC) has shared a total sum of 902.053 billion Nairaas November 2022 Federation Account Revenue to the Federal Government, States and Local Government Councils.

This was contained in a communiqué issued at the end of the Committee ‘s meeting for December 2022.

A press statement by Henshaw Ogubike, Director (Information, Press and Public Relations) office of the accountant general of the federation shows that of the total distributable revenue comprised distributable statutory revenue of N681.079 billion, distributable Value Added Tax revenue of N202.839 billion, Exchange Gain revenue of N7.164 billion and N10.971 billion Electronic Money Transfer Levy (EMTL) revenue.
The balance in the Excess Crude Account (ECA) was $473,754.57.

According to the Communiqué, in the month of November 2022, Oil and Gas Royalties and Petroleum Profit Tax (PPT) recorded significant increases while Import and Excise Duties increased marginally. However, Value Added Tax (VAT) and Companies’ Income Tax (CIT) decreased considerably.