FAAC: FG, states, LGAs shared N1.1trn in December 2023 — up by N39bn

The federation account allocation committee (FAAC) says it shared N1.12 trillion with the three tiers of government in December 2023.

FAAC disclosed this in a communique issued at its January meeting, chaired by Oluwatoyin Madein, accountant-general of the federation on Tuesday.

The figure represents an increase of N39 billion compared to N1.08 trillion shared in November 2023.

According to the communique, the N1.12 trillion total distributable revenue comprised distributable statutory revenue of N363.18 billion, distributable value-added tax (VAT) revenue of N458.62 billion, electronic money transfer levy (EMTL) revenue of N17.85 billion, and exchange difference revenue of N287.74 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 reads.

“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.

“The gross revenue available from VAT was N492.506 billion. This was higher than the N360.455 billion available in the month of November 2023 by N132.051 billion.”

FAAC said out of the N1.127 trillion total distributable revenue, the federal government received N383.87 billion, states got N396.69 billion, local governments were given N288.92 billion, while the sum of N57.91 billion was shared to relevant states as 13 percent derivation revenue.

Also, from the N363.18 billion distributable statutory revenue, the federal government got N173.72 billion, states received N88.11 billion, and N67.93 billion was transferred to the local governments.

“The sum of N33.406 billion 13 percent of mineral revenue was shared to the benefiting states as derivation revenue,” FAAC said.

For distributable VAT revenue of N458.62 billion, the committee said N68.7 billion was given to the federal government, states had N229.3 billion and local governments received N160.5 billion.

FAAC said from the N17.85 billion EMTL, the federal government received N2.67 billion; N8.92 billion was given to the states, while the local governments received N6.24 billion.

In addition, the committee said in the month of December 2023, companies income tax (CIT), excise duty, petroleum profit tax (PPT), VAT and EMTL increased significantly.

According to the communique, while oil and gas royalties decreased substantially, import duty and CET levies reduced marginally.

FAAC said the balance in the excess crude account (ECA) remained at $473, 754 million.