FAAC Disburses N1.1trn Allocation to FG, States and LGs

The Federation Account Allocation Committee (FAAC) has shared N1.127 trillion in December 2023 federal revenue among the Federal Government, states and Local Government Councils (LGCs).

This is disclosed 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 December 2023. The total deduction for the cost of collection was N62.254 billion; total transfers, interventions and refunds were N484.568 billion.

“Gross statutory revenue of N875.382 billion was received. This was lower than the N882.56 billion received in 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 November 2023 by N132.051 billion,” it said.

The communique also said 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. Selloffs Provoke Spike in Nigerian Treasury Bills Yield

It said that in 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.

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