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FAAC disbursement fell to N1.35 in November 2023 – NBS

FAAC shares N656 billion to FG, states, LG in April 2022

The monthly allocation disbursed to the Federal, state and local government by the Federation Account Allocation Committee (FAAC) dropped from N1.59 trillion in October to N1.35 trillion in November 2023. The National Bureau of Statistics report has indicated.

According to the report which was published on Monday, the amount disbursed was ₦660.09 billion recorded from the Statutory Account, this is decline compared to N1.01 trillion recorded in the previous month.

Also, a total of ₦262.89 billion was recorded as Exchange Gain, ₦60.00 billion from Non-Oil Revenue,  ₦16.20 billion from Electronic Money Transfer Levy (EMTL), and ₦347.34 billion from Value Added Tax.

Of the total amount disbursed, the federal government received a total of ₦323.35 billion, state government; ₦307.72 billion, and the local governments received a total of ₦225.21 billion.

Also, the sum of ₦50.67 billion was shared among the oil-producing states from the 13 percent derivation
fund.

“The revenue generating agencies comprising Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Nigerian Upstream Petroleum Regulatory Commission (NUPRC) received ₦16.38 billion, ₦24.59 billion, and ₦12.52 billion respectively, as cost of revenue collections.

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that ₦201.99 billion was disbursed to the FGN consolidated revenue account, ₦5.17 billion was received as a share of derivation and ecology, ₦2.59 billion as stabilization fund, ₦8.69 billion for the development of natural resources, and
₦8.47 billion to the Federal Capital Territory (FCT)- Abuja.