FAAC: FG, states, LGAs shared N990bn as allocation in December — up by N88bn

The Federation Account Allocation Committee (FAAC) says it shared N990.189 billion among the three tiers of government in December 2022.

The figure represents an increase of N88.136 billion compared to the N902.053 billion shared in November.

FAAC disclosed this in a communique issued at the end of its latest meeting in Abuja on Tuesday.

The N990.189 billion total distributable revenue comprised statutory revenue of N707.756 billion, value-added tax (VAT) of N233.277 billion, exchange gain of N24.841 billion, and N24.315 billion from electronic money transfer levies (EMTL).

FAAC said the federal government received N375.306 billion, states received N299.557 billion, while the local governments got N221.807 billion.

It added that oil-producing states received N93.519 billion as derivation, (13 percent of mineral revenue) in the same month.

For December, accordingly, the gross statutory revenue of N1.136 trillion was received, which was higher than the previous month’s.

From this amount, the commission said N31.531 billion was disbursed as the cost of collection and a total sum of N396.896 billion to transfers, savings, and refunds.

The remaining N707.756 billion was distributed as follows: federal government received N325.105 billion, states N165.897 billion; local governments N127.129 billion, while oil-producing states under the 13 percent mineral derivation got N90.625 billion.

On the allocation of the N233.277 billion value-added tax, FAAC said the federal government got N34.992 billion, states received N116.639 billion, and N81.647 billion was given to local governments.

It also disclosed that from the N24.841 billion exchange gain, N11.562 billion was allocated to the federal government and states got N5.864 billion. While the local governments received N4.521 billion, derivation under the 13 percent mineral revenue also received N2.894 billion.

FAAC added that N24.315 billion from the EMTL was distributed to the federal government (N3.648 billion), states (N12.157 billion), and local governments (N8.510 billion).

It further said petroleum profit tax (PPT), companies income tax (CIT), and value-added tax (VAT) recorded a significant increase, while import duty decreased considerably and oil and gas royalties and excise duty increased marginally.

In addition, the balance in the excess crude account (ECA) as at January 17th, 2023 stands at $473,754.57.