FAAC: Nigeria distributes N1.127trn December revenue to FG, States, LGs

VAM News January 24, 2024 in National Tagged December, FAAC, FG, LGs, N1.127trn, Nigeria, States - 2 Minutes

The Federal Government, States, and Local Government Councils have received a total of N1,127.408 trillion in December 2023 Federation Account Revenue from the Federation Account Allocation Committee (FAAC).

This is stated in a statement released by the FAAC following its meeting in January 2024, which was presided over by Dr. Oluwatoyin Madein, the Federation’s accountant general.

In a statement released on Tuesday, Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant General of the Federation, stated that the N1,127.408 billion total distributable revenue was made up of N363.188 billion in distributable statutory revenue, N458.622 billion in distributable value-added tax (VAT) revenue, N17.855 billion in revenue from the electronic money transfer levy (EMTL), and N287.743 billion in exchange difference revenue.

He mentioned that there was $473,754.57 in the Excess Crude Account (ECA).

The communiqué states that as of December 2023, a total revenue of N1,674.230 billion was available. A total of N62.254 billion was deducted for collection costs, whereas N484.568 billion was allocated for transfers, interventions, and refunds.

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

As of December 2023, the Value Added Tax (VAT) generated a gross revenue of N492.506 billion.

This was N132.051 billion more than the N360.455 billion that was available in November 2023.

According to a communiqué, the Federal Government got N383.872 billion, the State Governments got N396.693 billion, and the Local Government Councils got N288.928 billion out of the N1,127.408 billion in total distributable revenue.

The beneficiary states received N57.915 billion in total as derivation money, 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 in distributable statutory revenue. Thirteen percent of mineral revenue, or N33.406 billion, was distributed to the beneficiaries.

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From the N458.622 billion distributable value-added tax (VAT) revenue, the Federal Government received N68.793 billion, the State Governments received N229.311 billion, and the Local Government Councils received N160.518 billion.

The Electronic Money Transfer Levy (EMTL) of N17.855 billion was divided as follows: N2.678 billion went to the federal government, N8.928 billion to state governments, and N6.249 billion to local government councils.

N138.672 billion of the N 287.743 billion exchange difference revenue went to the Federal Government. N54,226 billion was given to local government councils and N70.336 billion to state governments. The beneficiary states received N24.509 billion, or 13% of the mineral earnings, as derivation money.

While oil and gas royalties dramatically fell in December 2023, firms’ income tax (CIT), excise duty, petroleum profit tax (PPT), value-added tax (VAT), and electronic money transfer levy (EMTL) surged. Import taxes and CET levies somewhat lowered.