FG, states, LGAs share N1.12tr as revenue allocation for December 2023

The three tiers of government shared N1.127 trillion as revenue allocation for December 2023.

The Federation Account Allocation Committee (FAAC) disclosed this in communiqué issued at its January meeting chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein, on Tuesday in Abuja.

According to the communiqué, the N1.127 trillion total distributable revenue comprised statutory revenue of N363.188 billion, Value Added Tax (VAT) revenue of N458.622 billion, and Electronic Money Transfer Levy (EMTL) revenue of N17.855 billion.

It also comprised Exchange Difference revenue of N287.743 billion.

The communiqué read: “Total revenue of N1,674 billion was available in December 2023. The total deduction for the cost of collection was N62.254 billion, total transfers, interventions, and refunds were N484.568 billion.

“Gross statutory revenue of N875.382 billion was received. This was lower than the N882.56 billion received in November 2023 by N 7.178 billion.

READ ALSO: FG, states, LGAs share N906bn as revenue allocation in October

“The gross revenue available from VAT was N492.506 billion. This was higher than the N360.455 billion available in November 2023 by N132.051 billion.

“From the N1.127 trillion total distributable revenue, the federal government received N383.872 billion, the state governments collected N396.693 billion and the local government councils got N288.928 billion.

“A total sum of N57.915 billion (13 percent 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 collected N88.118 billion and the LGCs got N67.935 billion.

“The sum of N33.406 billion (13 percent of mineral revenue) was shared to the benefiting states as derivation revenue.

“The federal government received N68.793 billion, the state governments received N229.311 billion and the LGCs received N160.518 billion from the N458.622 billion distributable VAT revenue.

“From the N17.855 billion EMTL, the federal government received N2.678 billion, the state governments received N8.928 billion and the LGCs received N6.249 billion.”

The balance in the Excess Crude Account (ECA) was $473.754 million.

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