The Federation Account Allocation Committee (FAAC), at its first meeting for year 2023 shared a total of N990.189 billion to the three tiers of government, as Federation Allocation for the month of December 2022.
The amount is inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Exchange Gain and Electronic Money Transfer Levies (EMTL).
The Federal Government received N375.306 billion, the states got N299.557 billion, while the Local Government Councils went home with N221.807 billion. Oil producing states received N93.519 billion as Derivation, (13 percent of Mineral Revenue.
The Communiqué issued by the Federation Account Allocation Committee (FAAC), at the end of the meeting, indicated that the Gross Revenue available from the Value Added Tax (VAT) for December 2022, was N250.512 billion, which represented an increase when compared to the preceding month.
From VAT revenue, the sum of N7.215 billion was allocated to North East Development Commission (NEDC) Project and the sum of N10.020 billion was Cost of Collection to Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service (NCS).
The balance of N233.277 billion was distributed as follows: Federal Government N34.992 billion, states received N116.639 billion and Local Government Councils got N81.647 billion.
Accordingly, the Gross Statutory Revenue of N1.136 trillion was received for the month which was higher than the previous month’s.
From this amount, the sum of N31.531 billion was disbursed as Cost of Collection and a total sum of N396.896 billion to Transfers, Savings and Refunds.
Remaining the balance of N707.756 billion was distributed as follows: Federal Government N325.105 billion; States governments N165.897 billion; Local Government Councils N127.129 billion and Oil Producing States under the 13 percent mineral derivation got N90.625 billion.
In addition, the sum of N24.315 billion from the Electronic Money Transfer Levies (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government N3.648 billion, States N12.157 billion, Local Government Councils N8.510 billion.
The Communiqué disclosed that, the sum of N24.841 billion from Exchange Gain was shared as: Federal Government N11.562 billion, States N5.864 billion, Local Government Councils N4.521 billion and Oil Producing States under the 13 percent mineral derivation got N2.894 billion.
Petroleum Profit Tax (PPT), Companies Income Tax (CIT) and Value Added Tax (VAT) recorded significant increases, while Import Duty decreased considerably. Oil and Gas Royalties and Excise Duty increased marginally.
The Communiqué, stated that “the total revenue distributable for the current month of December was drawn from Statutory Revenue of N707.756 billion, Value Added Tax (VAT) of N233.277 billion, Exchange Gain of N24.841 billion, and N24.315 billion from Electronic Money Transfer Levies (EMTL), bringing the total distributable for the month to N990.189 billion.
However, the balance in the Excess Crude Account (ECA) as at January 17th, 2023 stands at $473,754.57.
