The Federation Account Allocation Committee (FAAC) has shared a total sum of N1,127.408 billion December 2023 Federation Account Revenue to the Federal Government, States and Local Government Councils.
A communique issued by the FAAC at its January 2024 meeting, chaired by the Accountant-General of the Federation, Dr. Oluwatoyin Madein, indicated that the N1,127.408 billion 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.
According to the communique, total revenue of N1,674.230 billion was available in the month under review while total deductions for cost of collection was N62.254 billion; total transfers, interventions and refunds was N484.568 billion.
The committee stated that Gross statutory revenue of N875.382 billion was generated during the month, representing N7.178 billion lower than the N882.560 billion accruals to the account in the month.
This is even as it disclosed that the gross revenue available from the Value Added Tax (VAT) in the month was N492.506 billion, higher than the N360.455 billion available in the month of November 2023 by N132.051 billion.
The communique also reflected that from the N1,127.408 billion total distributable revenue, the Federal Government received a total of N383.872 billion, the State Governments collected N396.693 billion and the Local Government Councils got N288.928 billion.
The disbursed figures showed that a total sum of N57.915 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
The FAAC further clarified that from the N363.188 billion distributable statutory revenue, the Federal Government received N173.729 billion; the State Governments got N88.118 billion while N67.935 billion was shared to the Local Government Councils.
In addition, it disclosed that the sum of N33.406 billion (13% of mineral revenue) was shared to the benefiting states as derivation revenue.
From the N458.622 billion distributable Value Added Tax (VAT) collections, the committee confirmed that the Federal Government got N68.793 billion compared to the N229.311 billion disbursed to State Governments while Local Government Councils received N160.518 billion
It also stated that out of the N17.855 billion Electronic Money Transfer Levy (EMTL), the Federal Government received N2.678 billion, the State Governments got N8.928 billion and the Local Government Councils received N6.249 billion.
The committee disclosed that the Federal Government received N138.672 billion from the N 287.743 billion Exchange Difference revenue compared to the State Governments’ N70.336 billion and that the Local Government Councils received N54.226 billion. The sum of N24.509 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
In the month under review, it stated that Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), Value Added Tax (VAT) and Electronic Money Transfer Levy (EMTL) increased, while Oil and Gas Royalties, Import Duty and CET Levies decreased.
The FAAC disclosed that as of the date of the meeting, the balance in the ECA stood at $473,754.57.
