Federal Govt, States, LGAs Share N990bn In January

The Federation Account Allocation Committee (FAAC), at its meeting yesterday, approved the sharing of N990.189 billion to the three tiers of government, as revenue from the month of December 2022.

The approved amount is inclusive of gross statutory revenue, Value Added Tax (VAT), exchange gain and electronic money transfer levies.

From that, federal government received N375.306 billion, the states received N299.557 billion, the local government area got N221.807 billion, while the oil producing states received N93.519 billion as derivation, (13 percent of mineral revenue).

The communiqué that was issued by FAAC at the end of the meeting indicated that the gross revenue available from the VAT for December 2022, was N250.512 billion, which was an increase distributed in the preceding month, from this amount, the sum of N7.215 billion was allocated to NEDC project.

The sum of N10.020 billion was cost of collection to FIRS and NCS remaining the sum of N233.277 billion which  was distributed as follows; Federal Government got N34.992 billion, the States received N116.639 billion, Local Government Councils got N81.647 billion.

Accordingly,  the gross statutory revenue of N1136.183 billion was received for the month which was higher than the sum received in the previous month.

From this amount,  the sum of N31.531 billion was giving to cost of collection and a total sum of N396.896 billion to transfers, savings and refunds remaining the balance of  N707.756 billion which was distributed as follows; Federal Government was allocated the sum of N325.105 billion, States got N165.897 billion, LGAs got N127.129 billion, and Oil Derivation (13 percent mineral revenue) got N90.625 billion.

Also, the sum of N24.315 billion from the electronic money transfer levies was distributed to the three tiers of government as follows; the federal government received N3.648 billion, states got N12.157 billion, local government area received N8.510 billion.

The communiqué further disclosed that, the sum of N24.841 billion from exchange gain was shared thus: federal government received N11.562 billion, states got N5.864 billion,  Local Government Councils received N4.521 billion and Oil Derivation (13 percent of mineral revenue)  got N2.894 billion.

Petroleum profit tax, companies income tax (CIT) and VAT recorded significant increases, while import duty decreased considerably. Oil and Gas Royalties and Excise Duty increased marginally.

The total revenue distributable for the current month of December was drawn from statutory revenue of N707.756 billion, VAT of N233.277 billion, exchange gain of N24.841 billion, and N24.315 billion from electronic money transfer levies bringing the total distributable for the month to N990.189 billion.

However, the balance in the Excess Crude Account (ECA) as at January 17th, 2023 stands at $473,754.57.