FAAC Allocation 2022 of N902bn to FG, State and Local Government

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FAAC Allocation for December 2022

FAAC Allocation
FAAC Allocation

FAAC Allocation 2022: The Federal Government, States, and Local Government Councils have each received a total of 902.053 billion Naira in November 2022 Federation Account Revenue from the Federation Account Allocation Committee (FAAC).

Distributable statutory revenue of N681.079 billion, distributable Value Added Tax (VAT) revenue of N202.839 billion, Exchange Gain revenue of N7.164 billion and N10.971 billion, and Distributable Electronic Money Transfer Levy (EMTL) revenue make up the funds that were distributed in December 2022.

This was revealed to the public in a statement by the Federation Account Allocation Committee (FAAC) on Thursday evening in Abuja.

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. The balance in the Excess Crude Account (ECA) was $473,754.57.

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