FAAC: FG, STATES, LGs SHARE N1.08TR FOR NOVEMBER
The Federation Account Allocation Committee (FAAC) has shared the sum of N1,088.783 trillion naira to the three tiers of government as Federation Allocation for the month of November.
The amount was derived from a gross total of N1.62 trillion naira.
The breakdown of the allocation shows that the Federal Government received N402.867 billion, the States received N351.697 billion, the Local Government Councils received N258.810 billion, and the Oil Producing States received N75.410 billion as Derivation.
The communique issued by FAAC at the end of it’s meeting revealed that the Gross Revenue available from the Value Added Tax (VAT) increased to N360.455 billion in November from the previous month, with N10.381 billion given for Transfers, Intervention, and Refunds, and N14.418 billion allocated for Cost of Collection. The Gross Statutory Revenue received for the month was N882.561 billion, with various taxes such as Company Income Tax, Excise Duty, Petroleum Profit Tax, and Value Added Tax increasing.
The total amount distributed was drawn from Statutory Revenue, Value Added Tax, Electronic Money Transfer Levy, and Exchange Difference, amounting to N1.088 trillion. The balance in the Excess Crude Account was $473,754 dollars.
The Minister of Finance, Wale Edun, who chaired the meeting expressed his commitment to achieving economic growth while commending the FAAC members for their support and cooperation.
More Stories
UTME RESULTS NOT AVAILABLE IN PAPER, BEWARE OF CANDIDATES PARADING ANY – JAMB
The Joint Admissions and Matriculation Board (JAMB), has urged Nigerians to be wary of any candidate parading printed result slips...
SICKLE CELL: MAKE GENOTYPE TESTING COMPULSORY FOR NEWBORNS, FOUNDATION URGES FG
Dr. Ngozika Orjioke, a Nigerian-American critical care and pulmonary care physician, has called on the Federal Government to enact a...
UNICEF DONATES SIX AMBULANCE BOATS TO BAYELSA
In order to improve healthcare and emergency response services in riverine communities living in far-flung areas, the United Nations Children’s...
VIDEO: LAGOS ENVIRONMENTAL SANITATION CORPS ARRESTS 18 BRIDGE SQUATTERS
The Lagos Environmental Sanitation Corps, popularly known as KAI, has arrested 18 persons for squatting under the bridge leading from...
TUC GIVES NERC ONE WEEK TO REVERSE ELECTRICITY TARIFF HIKE
On Wednesday, the President of the Trade Union Congress, Festus Osifo, said it was unethical for Nigerians to pay high...
NIGERIA RECORDS 227 NATIONAL GRID COLLAPSES IN 14 YEARS AMID EPILEPTIC POWER SUPPLY
According to reports, Nigeria recorded 227 total and partial national grid collapses from 2010 to April 2024 amid epileptic power...