FAAC: FG, States, LGs Share N1.1trn


The Federation Account Allocation Committee (FAAC) has shared N1.127 trillion of the December 2023 federal revenue among the Federal Government, states and Local Government Councils (LGCs).
This was disclosed in a communique issued by the FAAC at its January meeting, chaired by the Accountant General of the Federation, Dr Oluwatoyin Madein.
The communique revealed that 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,” the communique revealed.
It also disclosed that a 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. “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 stated.
It also revealed that 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 said 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.

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