The Federal Account Allocation Committee (FAAC) has on Tuesday 23rd, January 2024 confirmed the Three Tier levels of Nigerian Government (Federal, State and Local Government) has received the December 2023 allocation of funds.
This was detailed in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for January 2024, which was confirmed by the Office of the Accountant General through it’s Press and Public Relations Director, Mokwa Bawa.
The N1,127.408 billion total distributable revenue comprised distributable statutory revenue of N363.188 billion, distributable Value Added Tax (VAT) revenue of N458.622 billion, Electronic Money Transfer Levy (EMTL) revenue of N17.855 billion and Exchange Difference revenue of N287.743 billion.
The communique stated that from the N1,127.408 billion total distributable revenue, the Federal Government received a total of N383.872 billion, the State Governments received N396.693 billion and the Local Government Councils received N288.928 billion
The Federal Government received N138.672 billion from the N 287.743 billion Exchange Difference revenue. The State Governments received N70.336 billion, and the Local Government Councils received N54.226 billion. The sum of N24.509 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
A total sum of N57.915 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue
In the month of December 2023, Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), Value Added Tax (VAT) and Electronic Money Transfer Levy (EMTL) increased significantly, while Oil and Gas Royalties decreased substantially. Import Duty and CET Levies decreased marginally.
The Excess Crude Account is said to be at the balance of $473,754.57.