FAAC shares N990bn to FG, states, LGs in December

Minister of Finance, Budget and National Planning, Zainab Ahmed

The Federation Account Allocation Committee (FAAC) shared N990.189 billion to the three tiers of government in December 2022.

This was contained in a statement issued on Tuesday by the Director (Information/Press), Ministry of Finance, Budget and National Planning, Phil Abiamuwe-Mowete.

From the N990.189 billion, the Federal Government received N375.306 billion, the 36 states of the federation and the FCT received N299.557 billion, while the 774 local government areas got N221.807 billion.

The N990.189 billion received by the Federal Government comprised Gross Statutory Revenue, Value Added Tax (VAT), Exchange Gain and Electronic Money Transfer Levies (EMTL).

In addition, oil-producing states received N93.519 billion as 13 per cent of mineral derivation revenue.

A communique issued by FAAC at the end of its meeting on Tuesday indicated that Gross Revenue available from VAT for December 2022 was N250.512 billion.

“From the VAT collected, N7.215 billion was allocated to the Northeast Development Commission Project, while the Federal Inland Revenue Service and the Nigeria Customs Service got N10.020 billion as Cost of Collection.

“From the balance of N233.277 billion, the Federal Government got N34.992 billion; states received N116.639 billion, while local government councils got N81.647 billion.

“Gross Statutory Revenue of N1136.183 billion was received for the month of December 2022.

“From this amount, N31.531 billion was given as Cost of Collection and N396.896 billion released to Transfers, Savings and Refunds.

“From the balance of N707.756 billion, N325.105 billion was allocated to the Federal Government; N165.897 billion was allocated to states, while local councils got N127.129 billion.

“Oil Derivation (13 per cent Mineral Revenue) for oil-producing states got N90.625 billion,” it stated.

FAAC added that the N24.315 billion received as EMTL was also distributed to the three tiers of government.

The Federal Government received N3.648 billion, states got N12.157 billion, while local councils received N8.510 billion.

It stated that N24.841 billion from Exchange Gain was shared to the Federal Government which got N11.562 billion, states got N5.864 billion, while local councils received N4.521 billion.

Oil Derivation (13 per cent of Mineral Revenue) got N2.894 billion.

FAAC also noted that Petroleum Profit Tax, Companies Income Tax, and VAT recorded significant increases, while Import Duty decreased considerably.

Oil and Gas royalties and excise duty increased marginally, it stated.

It noted that total revenue distributable for December 2022 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 EMTL.

This brought the total distributable for December 2022 to N990.189 billion.

FAAC stated also that the balance in the Excess Crude Account as at January 17 stood at 473,754.57 dollars.

The Star