How Much Was Assigned to the FG, States, and LGs in the November 2023 Allocation? is a valuable question that genuinely hit our hearts as Nigerians for the reasons listed below.
A sizeable N1.088 trillion allocation to the Federal Government (FG), States, and Local Government Councils (LGs) was recently made public by the Federation Account Allocation Committee.Â
This monetary distribution shows how the November 2023 Federation Account money was distributed.
This was disclosed in a statement that was released in Abuja following the FAAC meeting.
The country’s economic environment is changing considerably as we work through the lengthy details of this allotment.
Overview of Revenue for November 2023
The entire amount of money received reached an astounding 1.620 trillion Naira in November 2023.Â
This whole amount is made up of several sections: distributable statutory revenue is 376.306 billion Naira; distributable Value Added Tax (VAT) revenue is 335.656 billion Naira; revenue from the Electronic Money Transfer Levy is 11.952 billion naira; and revenue from exchange difference revenue is N364.869 billion Naira.
How Much Was Assigned To The FG, States, And LGs In The November 2023 Allocation?
The federal government received N402.867 billion, state governments received 351.697 billion Naira, and local government councils received 258.810 billion Naira out of the 1.088 trillion Naira total distributable revenue.
 This allocation highlights the efforts made to guarantee fair distribution among the various levels of government.
Significantly, 75.410 billion Naira, or 13 percent of mineral revenue, was set aside as derivation revenue solely for the states that produce oil.Â
The purpose of this given amount is to assist the expansion and development of the areas that contribute to the country’s mineral resources.
Financial Dynamics: Transfers and Deductions
Deductions for the cost of collection totaled 60.960 billion Naira from the gross income.
The complex nature of financial management and allocation is shown by the large 470.592 billion Naira in total transfers, interventions, and refunds.Â
With a profit of 222.470 billion Naira from the 660.090 billion collected in October 2023, the Gross Statutory revenue for November 2023 reached N882.560 billion.
VAT Contributions: A Significant Increase
Value Added Tax (VAT) gross income in November 2023 increased to 360.455 billion Naira, exceeding the 347.343 billion Naira in October 2023 by 13.112 billion Naira.Â
This notable rise illustrates how the economy of the country is active and how important VAT is to generating money.
 Full Revenue The calculation and Sharing
The Federal Government received 174.908 billion Naira, State Governments received 88.716 billion Naira, and Local Government councils received N68.396 billion from the distributable statutory revenue, which totaled 376.306 billion Naira.
 In addition, the beneficiary states received 44.286 billion Naira as derivation money, which is equal to 13% of mineral revenue.
The Federal Government received N50.348 billion, State Governments received N167.828 billion, and Local Government Councils received N117.480 billion of the N335.656 billion distributable VAT.Â
The Federal Government received N1.793 billion, State Governments received N5.976 billion, and Local Government Councils received N4.183 billion of the N11.952 billion Electronic Money Transfer Levy.
Revenue from Exchange Difference and Derivation Allocation
The statement went on to say that N175.817 billion of the N364.869 billion Exchange Difference revenue was given to the Federal Government.
State governments and local government councils received N89.177 billion and N68.751 billion, respectively, at the same time. Derivation money, or N31.124 billion, or 13 percent of mineral revenue, was given to states that would profit from it.
This shows that resource-rich areas are committed to supporting development.
Handling the complicated World of Finance
How Much of the November 2023 Allocation Was Given to the FG, States, and LGs?Â
The answer, as we wrap up the study of the November 2023 allocation, is found in the finer points of the distribution.Â
The country’s financial situation can be seen by the stated $473,754.57 balance in the Excess Crude Account (ECA).Â
The nation’s efforts to manage large sums of money for stability and development are supported by a dedication to fair resource distribution and transparency in financial reporting.
