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FAAC Shares N1,127.408trn Among 3 Tiers, Leaving N546,822 Balance of Gross Revenue


as ECA Balance Stands at 473,754.57 Dollars

The Federation Account Allocation Committee (FAAC), at its Meeting chaired by the Accountant- General of the Federation, Mrs. Oluwatoyin S. Madein shared a total sum of N1,127.408 trillion to the three tiers of government as Federation Allocation for the month of December, 2023 from a gross total revenue of N1, 674.230 trillion.

From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference, the Federal Government received N383.872 billion, the States received N396.693 billion, the Local Government Councils got N288.928 billion, while the Oil Producing States received N57.915 billion as Derivation, (13% of Mineral Revenue).

The communique also disclosed that the sum of N62.254 billion was given for cost of collection, and N484.568 billion allocated for Transfers Intervention and Refunds.

The Communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax (VAT) for December 2023, was N492.506 billion, which was an increase from the N360.455 billion distributed in the preceding month, resulting in an increase of N132.051 billion.

From that amount, the sum of N19.700 billion was allocated for Cost of Collection and the sum of N14.184 billion given for Transfers, Intervention and Refunds. The remaining sum of N458.622 billion was distributed to the three tiers of government of which the Federal Government got N68.793 billion, the States received N229.311 billion, Local Government Councils got N160.518 billion.

Accordingly, the Gross Statutory Revenue of N875.382 billion received in the month was lower than the sum of N882.560 billion received in the previous month of November, 2023 by N7.178 billion. From that amount, the sum of N44.810 billion was allocated for Cost of Collection and a total sum of N470.384 billion for Transfers, Intervention and Refunds. The remaining balance of  N363.188 billion was distributed as follows to the three tiers of government: Federal Government was allocated the sum of N173.729 billion, States got N88.118 billion, LGCs got N67.935 billion, and Oil Derivation (13% Mineral Revenue) got N33.406 billion.

Also, the sum of N18.599 billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N2.678 billion, States got N8.928 billion, Local Government Councils received N6.246 billion, while N0.744 billion was allocated for Cost of Collection.

The Communique disclosed N287.743 billion from Exchange Difference, which was shared as follows: Federal Government received N138.672 billion, the States got N70.336 billion, the sum of N54.226 billion allocated to Local Government Councils, and N24.599 billion given for Derivation (13% of Mineral Revenue).

Company Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), Value Added Tax (VAT), and Electronic Money Transfer Levy (EMTL) increased significantly, while Oil and Gas Royalties decreased substantially. Customs External Tarrif levies (CET) and Import Duty decreased marginally.

According to the Communique, the total revenue distributable for the current month of December 2023, was drawn from Statutory Revenue of N363.188 billion, Value Added Tax (VAT) of N458.622 billion, N17.855 billion from Electronic Money Transfer Levy (EMTL), and N287.743 billion from Exchange Difference, bringing the total distributable amount for the month to N1,127.408 trillion.

The balance in the Excess Crude Account (ECA) as at January 23, 2024 stands at $473,754.57.

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