FAAC Disburses N1.1trn December Allocation To FG, States, LG

The Federal Government, State Governments, and Local Government Councils have each received a total of N1.1 trillion from the Federation Account Allocation Committee (FAAC) as of December 2023.

According to a statement released on Tuesday by Bawa Mokwa, the Director of Press and Public Relations in the Office of the Accountant General of the Federation, this was included in a communiqué that was sent out following the Federation Account Allocation Committee (FAAC) meeting for January 2024.

According to reports, Dr. Oluwatoyin Madein, the Federation's accountant general, presided over the meeting.

Value Added Tax (VAT) revenue of N458.622 billion, Electronic Money Transfer Levy (EMTL) revenue of N17.855 billion, Exchange Difference revenue of N287.743 billion, and distributable statutory revenue of N363.188 billion made up the total distributable revenue of N1,127.408 billion.
In December of last year, N62.254 billion had been deducted for collection costs; N484.568 billion had been transferred, intervened in, and refunded.

In the meantime, the Excess Crude Account (ECA) balance for the previous month was $473,754.57.

FAAC ALLOWS THE FG, STATES, AND LGCS TO RECEIVE A BILLION DOLLARS IN DECEMBER 2023.

A total of N1,127.408 billion in December 2023 Federation Account Revenue was distributed to the Federal Government, States, and Local Government Councils by the Federation Account Allocation Committee (FAAC).

At its meeting in January 2024, which was presided over by Dr. Oluwatoyin Madein, the Federation's accountant general, the FAAC released a communiqué that included this information.
Value Added Tax (VAT) revenue of N458.622 billion, Electronic Money Transfer Levy (EMTL) revenue of N17.855 billion, Exchange Difference revenue of N287.743 billion, and distributable statutory revenue of N363.188 billion made up the total distributable revenue of N1,127.408 billion.

A total revenue of N1,674.230 billion was available in December 2023, according to the communiqué. The total amount of N62.254 billion deducted for collection costs and N484.568 billion in total for transfers, interventions, and refunds.

For December 2023, a gross statutory revenue of N875.382 billion was received. This was less than the N 7.178 billion that was received in November 2023 (N882.560 billion).

In December 2023, N492.506 billion was the total gross revenue that the Value Added Tax (VAT) generated. This was greater than the N360.455 billion available in the month of November 2023 by N132.051 billion.
According to the announcement, the Federal Government received N383.872 billion, the State Governments received N396.693 billion, and the Local Government Councils received N288.928 billion out of the N1,127.408 billion total distributable revenue.

The benefiting States received N57.915 billion in total as derivation revenue, or 13% of the mineral revenue.

The Federal Government received N173.729 billion, the State Governments received N88.118 billion, and the Local Government Councils received N67.935 billion from the N363.188 billion distributable statutory revenue. The benefiting States received N33.406 billion, or 13% of the mineral revenue, as derivation revenue.

Of the N458.622 billion distributable value added, the Federal Government received N68.793 billion, the State Governments received N229.311 billion, and the Local Government Councils received N160.518 billion.
The Federal Government received N2.678 billion, the State Governments received N8.928 billion, and the Local Government Councils received N6.249 billion of the N17.855 billion Electronic Money Transfer Levy (EMTL).

From the N 287.743 billion Exchange Difference revenue, the Federal Government received N138.672 billion. N70.336 billion was given to the state governments, and N54.226 billion to the local government councils. The benefiting States received N24.509 billion as derivation revenue, or 13% of the total revenue from minerals.

Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), Value Added Tax (VAT), and Electronic Money Transfer Levy (EMTL) all saw notable increases in December 2023, whereas oil and gas royalties saw a notable decline. CET levies and import duties slightly dropped.

The ECA's balance was $473,754.57.