A communique released at the conclusion of the FAAC meeting in Abuja on Friday revealed that the allocation was derived from the November 2023 Federation Account revenue.

The N1.088 trillion distributable revenue comprised a distributable statutory revenue of N376.306 billion, distributable Value Added Tax revenue of N335.656 billion, Electronic Money Transfer Levy revenue of N11.952 billion, and Exchange Difference revenue of N364.869 billion.

The communique detailed that a total revenue of N1.620 trillion was earned in November 2023. Deductions for the cost of collection amounted to N60.960 billion, and total transfers, interventions, and refunds stood at N470.592 billion.

Gross Statutory revenue for November 2023 was N882.560 billion, surpassing the N660.090 billion received in October 2023 by N222.470 billion, as stated in a release by the Director, Press and Public Relations, Bawa Mokwa.

The gross revenue available from the Value Added Tax in November 2023 was N360.455 billion, exceeding the N347.343 billion in October 2023 by N13.112 billion.

From the total distributable revenue of N1.088 trillion, the Federal Government received N402.867 billion, the State Governments received N351.697 billion, and the Local Government Councils received N258.810 billion.

A sum of N75.410 billion (13% of mineral revenue) was shared with the oil-producing states as derivation revenue.

From the distributable statutory revenue of N376.306 billion, the Federal Government received N174.908 billion, the state governments received N88.716 billion, and the Local Government Councils received N68.396 billion. An additional N44.286 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.