FAAC Shares N1.127trn Dec Revenue To FG, States, LGCs

The Federation Account Allocation Committee (FAAC) has shared a total sum of N1,127.408billion December 2023 Federation Account Revenue to the Federal Government, States and Local Government Councils.
From the N1,127.408billion total distributable revenue, the Federal Government received N383.872billion, the State Governments received N396.693billion and the Local Government Councils received N288.928billion.
A total sum of N57.915billion (13% of mineral revenue) was shared to the benefiting states as derivation revenue.
This was contained in a communique issued by the FAAC at its January 2024 meeting, chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein.
The N1,127.408billion total distributable revenue comprised distributable statutory revenue of N363.188billion, distributable Value Added Tax (VAT) revenue of N458.622billion, Electronic Money Transfer Levy (EMTL) revenue of N17.855billion and Exchange Difference revenue of N287.743billion.
According to the communique, total revenue of N1,674.230billion was available in the month of December 2023.
Total deductions for cost of collection was N62.254billion; total transfers, interventions and refunds was N484.568billion.
Gross statutory revenue of N875.382billion was received for the month of December 2023.
This was lower than the N882.560billion received in the month of November 2023 by N 7.178billion.
The gross revenue available from VAT in December 2023 was N492.506billion.
This was higher than the N360.455billion available in the month of November 2023 by N132.051billion.
Director (Press and Public Relations) in the Office of the Accountant General of the Federation, Bawa Mokwa, stated in a statement issued yesterday, January 23, 2024, that from the N363.188billion distributable statutory revenue, the Federal Government received N173.729billion, the State Governments received N88.118billion and the Local Government Councils received N67.935billion.
The sum of N33.406billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
The Federal Government received N68.793billion, the State Governments received N229.311billion and the Local Government Councils received N160.518billion from the N458.622billion distributable VAT revenue.
The N17.855billion Electronic Money Transfer Levy (EMTL) was shared as follows: the Federal Government received N2.678billion, the State Governments received N8.928billion and the Local Government Councils received N6.249billion.
The Federal Government received N138.672billion from the N287.743billion Exchange Difference revenue.
The State Governments received N70.336billion, and the Local Government Councils received N54.226billion.
The sum of N24.509billion (13% of mineral revenue) was shared to the benefiting states as derivation revenue.
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 $473,754.57.