In December 2023, the Federation Account Allocation Committee allocated N1.1 trillion to federal, state, and municipal governments.
The number reflects an increase of N39 billion over the N1.08 trillion given in November 2023.
This was stated in a statement published by the FAAC during its January meeting, which was headed by the Federation’s Accountant General, Dr Oluwatoyin Madein.
According to the statement, the overall distributable revenue of N1.127 trillion included N363.188 billion in distributable statutory income, N458.622 billion in distributable Value Added Tax, and N17.855 billion in distributable Electronic Money Transfer Levy.
It also included an exchange difference revenue of N287.743 billion.
“Total revenue of N1,674 billion was available in the month of December 2023. Total deduction for cost of collection was N62.254 billion; total transfers, interventions and refunds was N484.568 billion.
“Gross statutory revenue of N875.382 billion was received. This was lower than the N882.56 billion received in the month of November 2023 by N 7.178 billion.
“The gross revenue available from VAT was N492.506 billion. This was higher than the N360.455 billion available in the month of November 2023 by N132.051 billion,” it said.
The announcement further stated that the federal government received N383.872 billion of the N1.127 trillion total distributable revenue, the state governments received N396.693 billion, and the LGCs received N288.928 billion.
“A total sum of N57.915 billion (13 per cent 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 received N88.118 billion and the LGCs received N67.935 billion.
“The sum of N33.406 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.
“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,” it said.
It further said that in December 2023, Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), VAT, and EMTL all climbed greatly, while oil and gas royalties declined significantly.
“Import duty and CET levies decreased marginally. The balance in the ECA was 473.754 million dollars”.
