FAAC shares N1.1trn to federal, state, local govt

The Federation Account Allocation Committee shared N1.1 trillion in December 2023 to the federal, state, and local governments.

The figure represents an increase of N39 billion compared to N1.08 trillion shared in November 2023.

This was announced in a communique issued by the FAAC at its January meeting, chaired by the Accountant General of the Federation, Dr Oluwatoyin Madein.

According to the communique, the N1.127 trillion total distributable revenue comprised distributable statutory revenue of N363.188 billion, distributable Value Added Tax, VAT, revenue of N458.622 billion, and Electronic Money Transfer Levy, EMTL, revenue of N17.855 billion.

It also comprised Exchange Difference revenue of N287.743 billion.

“Total revenue of N1,674 billion was available in the month of December 2023. Total deduction for cost of collection was N62.254 billion; total transfers, interventions and refunds was N484.568 billion.

“Gross statutory revenue of N875.382 billion was received. This was lower than the N882.56 billion received in the month of November 2023 by N 7.178 billion.

“The gross revenue available from VAT was N492.506 billion. This was higher than the N360.455 billion available in the month of November 2023 by N132.051 billion,” it said.

The communique further noted that from the N1.127 trillion total distributable revenue, the federal government received N383.872 billion, the state governments received N396.693 billion and the LGCs received N288.928 billion.

“A total sum of N57.915 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

“From the N363.188 billion distributable statutory revenue, the federal government received N173.729 billion, the state governments received N88.118 billion and the LGCs received N67.935 billion.

“The sum of N33.406 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.

“The federal government received N68.793 billion, the state governments received N229.311 billion and the LGCs received N160.518 billion from the N458.622 billion distributable VAT revenue.

“From the N17.855 billion EMTL, the federal government received N2.678 billion, the state governments received N8.928 billion and the LGCs received N6.249 billion,” it said.

It added that in the month of December 2023, Companies Income Tax, CIT, excise duty, Petroleum Profit Tax (PPT), VAT and EMTL increased significantly, while oil and gas royalties decreased substantially.

“Import duty and CET levies decreased marginally. The balance in the ECA was 473.754 million dollars”.