FG, States, LGAs get N1.8trn FAAC share for December
FG — The three tiers of the government have shared N1.783 trillion from November 2023 revenue accrued to the Federation Account.
A communique issued by the Federation Account Allocation Committee, FAAC, at its December 2023 meeting, noated that ₦1.783 trillion distributable among the Federal Government, States and LGAs comprised distributable statutory revenue of ₦376.306 billion, distributable Value Added Tax (VAT) revenue of ₦335.656 billion, electronic money transfer levy revenue of ₦11.952 billion and exchange difference revenue of ₦364.869 billion.
The figure is an increment from the ₦1.08 trillion shared in November 2023.
FAAC noted that at the end of the third day of the meeting on Friday last week, the total revenue of ₦1.6 trillion was available in November 2023. Total deductions for cost of collections were ₦60.960 billion; total transfers, interventions and refunds were ₦470.592 billion.
Accordingly, it stated that the Gross Statutory Revenue of ₦882.560 billion was received for November 2023. This was higher than the ₦660.090 billion received in October 2023 by ₦222.470 billion.
The gross revenue available from the VAT in November 2023 was ₦360.455 billion. This was higher than the ₦347.343 billion available in October 2023 by ₦13.112 billion.
The communique stated that from the ₦1088.783 billion total distributable revenue, the federal government received ₦402.867 billion, the state governments received ₦351.697 billion, and the 774 local government areas received ₦258.810 billion.
₦75.410 billion (13 per cent of mineral revenue) was shared with the benefiting States as derivation revenue for the said accrued amount.
From the ₦376.306 billion distributable statutory revenue, the Federal Government received ₦174.908 billion, the states received ₦88.716 billion, and the LGAs received ₦68.396 billion.
The sum of ₦44.286 billion (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue.
The Federal Government received ₦50.348 billion; the 36 states received ₦167.828 billion and LGAs: ₦117.480 billion from the ₦335.656 billion distributable VAT revenue.
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The ₦11.952 billion electronic money transfer levy was shared: the Federal Government received ₦1.793 billion, the State Governments received ₦5.976 billion, and the Local Government Councils received ₦4.183 billion.
The Federal Government received ₦175.817 billion from the ₦364.869 billion Exchange Difference revenue. The state governments received ₦89.177 billion, and the LGAs received ₦68.751 billion. The sum of ₦31.124 billion (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue.
In November 2023, Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), Oil and Gas Royalties and Value Added VAT increased considerably, while transfer levies, import duty and money transfer recorded decreases.
The balance in the excess crude account remains $473,754.57.
