Home Local News FAAC: 3 Tiers Of Government Share N1.127 Trillion As December 2023 Revenue

FAAC: 3 Tiers Of Government Share N1.127 Trillion As December 2023 Revenue

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The Federation Account Allocation Committee (FAAC) has shared a total sum of N1,127,408,000,000 earned through the Federation Account in December 2023 to the Federal Government, States and Local Government Councils.

This information was contained in a communique issued by the committee at the end of its January 2024 meeting which was chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein.

A look at the sources of revenue show that in the month of December 2023, Companies 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; Import Duty and CET Levies decreased marginally.

The total distributable revenue comprised distributable statutory revenue of N363.188 billion, distributable Value Added Tax (VAT) revenue of N458.622 billion, Electronic Money Transfer Levy (EMTL) revenue of N17.855 billion and Exchange Difference revenue of N287.743 billion.

Total revenue of N1,674,230,000,000 was generated in the month of December 2023; cost of collection was N62.254 billion; total transfers, interventions and refunds was N484.568 billion.

The communique indicates that gross statutory revenue of N875.382 billion was received for the month of December 2023, it was lower than the N882.560 billion received in the month of November 2023 by N 7.178 billion.

The gross revenue available from the Value Added Tax (VAT) in December 2023 was N492.506 billion, indicating and increase of N132.051 billion from the N360.455 billion collected in November 2023.

The communique further stated that from the N1,127,408,000,000 total distributable revenue, the Federal Government received N383.872 billion; State Governments received N396.693 billion; and the Local Government Councils received N288.928 billion.

N57.915 billion (13% 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 Local Government Councils received N67.935 billion. The sum of N33.406 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

A breakdown of the Value Added Tax (VAT) revenue show that the Federal Government received N68.793 billion, the State Governments received N229.311 billion and the Local Government Councils received N160.518 billion from the N458.622 billion collected in December 2023.

The N17.855 billion Electronic Money Transfer Levy (EMTL) was shared with the Federal Government receiving N2.678 billion, the State Governments received N8.928 billion and the Local Government Councils received N6.249 billion.

Exchange Difference revenue collected was N 287.743 billion and the Federal Government received N138.672 billion, the State Governments received N70.336 billion, while the Local Government Councils received N54.226 billion; N24.509 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

Current balance in the Excess Crude Account (ECA) is $473,754.57.

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