FAAC: FG, States, and LGAs share N1.1 trillion in December.
The Federation Account Allocation Committee (FAAC) distributed a total of N1,127.408 trillion in December 2023 revenue to the Federal Government, States, and Local Government Councils.
At its January 2024 meeting, the FAAC, chaired by Dr. Oluwatoyin Madein, issued a communiqué containing this information.
The total distributable revenue of N1,127.408 trillion included distributable statutory revenue of N363.188 billion, distributable value-added tax (VAT) income of N458.622 billion, electronic money transfer levy (EMTL) revenue of N17.855 billion, and exchange difference revenue of N287.743 billion.
According to the communiqué, the total income for December 2023 was N1,674.230 trillion. The entire deductions for collecting costs were N62.254 billion, while the total transfers, interventions, and refunds were N484.568 billion.
The gross statutory revenue for December 2023 was N875.382 billion. This is N7.178 billion less than the N882.560 billion in November 2023.
In December 2023, the value added tax (VAT) generated N492.506 billion in gross income. This exceeded the N360.455 billion available in November 2023 by N132.051 billion.
According to the communiqué, the Federal Government received N383.872 billion of the total distributable revenue of N1,127.408 trillion, the State Governments received N396.693 billion, and the Local Government Councils received N288.928 billion.
The beneficiary states received a total of N57.915 billion (13% of mining revenue) in derivation money.
The Federal Government received N173.729 billion of the N363.188 billion in distributable statutory revenue, while the State Governments earned N88.118 billion and the Local Government Councils received N67.935 billion. The benefited states received N33.406 billion (13% of mineral revenue) in derivation money.
The Federal Government received N68.793 billion, the State Governments received N229.311 billion, and the Local Government Councils received N160.518 billion of the N458.622 billion distributable value-added tax (VAT) revenue.
The N17.855 billion Electronic Money Transfer Levy (EMTL) was divided as follows: the federal government received N2.678 billion, state governments received N8.928 billion, and local government councils received N6.249 billion.
The federal government received N138.672 billion of the N287.743 billion in exchange-discount revenue. The state governments earned N70.336 billion, while local government councils received N54.226 billion. The benefited states received N24.509 billion (13% of mineral revenue) in derivation money.
In December 2023, companies’ income tax (CIT), excise duty, petroleum profit tax (PPT), value-added tax (VAT) and electronic money transfer levy (EMTL) surged greatly, but oil and gas royalties declined significantly. Import duty and CET levies have fallen slightly.
The ECA’s balance was $473,754.57.