Business
FG, States. LGCs Shares N1.08 Trillion In November, See Payment Breakdown
The breakdown of the allocation shows that the Federal Government received N402.867 billion…
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.
VerseNews gathered that 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.
Osimhen Closes In on Yekini’s Goal Record After AFCON Brace
Victor Osimhen moved within three goals of Rashidi Yekini’s long-standing Nigeria scoring record after netting twice in the Super Eagles’...
Nigeria Hit Four in AFCON Knockout for First Time in 32 Years
Nigeria delivered a historic performance at the Africa Cup of Nations, scoring four goals in a knockout match for the...
Anthony Joshua May Quit Boxing After Deadly Nigeria Crash — Uncle Gives Reason
Former world heavyweight champion Anthony Joshua is considering stepping away from boxing following a tragic car crash in Nigeria that...
Lagos Begins Clearance of Illegal Structures Along Lagos–Badagry Expressway
The Lagos State Government has commenced clearance operations along the Lagos–Badagry Expressway to remove illegal structures and ease traffic congestion...
FG Discovers New Strategy to End WAEC, NECO Malpractice
The Federal Government has announced fresh strategies, including technology-driven reforms and stricter oversight, to tackle examination malpractice in WAEC and...
INEC Resumes Nationwide Voter Registration as Second Phase Begins
The Independent National Electoral Commission has resumed the Continuous Voter Registration exercise across the country...
‘Yahaya Bello Remains Innocent Until Proven Guilty’, EFCC Declares
The Economic and Financial Crimes Commission has reaffirmed that former Kogi State Governor Yahaya Bello remains innocent until proven guilty.
BREAKING: Tinubu Makes 21 New Appointments in Oil Sector
President Bola Tinubu has nominated former Rivers South-East senator Magnus Abe as chairman of the Nigerian Upstream Petroleum Regulatory Commission...
AI Used to Improve Quality of Tinubu-Kagame Paris Meeting Photo, Presidency Gives Details
The Presidency has responded to the reports alleging that a photograph of President Bola Tinubu with Rwandan President Paul Kagame...
How Rio Ferdinand Predicted Amorim’s Sacking
Manchester United legend Rio Ferdinand says Ruben Amorim’s dismissal did not come as a shock, revealing that recent press conferences...
You must be logged in to post a comment Login