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Federal allocation committee shared N990bn among government tiers in December 2022

15 states shed N118bn in debt as FAAC inflows rise

The Federation Account Allocation Committee (FAAC), shared a total of N990.189 billion to the three tiers of government, as Federation Allocation for the month of December 2022.

This was contained in a communiqué issued at the end of the Committee’s meeting in December which also stated that the total revenue distributable for the review month was drawn from the 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).

“The Federal Government received N375.306 billion, the States received N299.557 billion, the Local Government Councils got N221.807 billion, while the Oil producing states received N93.519 billion as Derivation, (13 percent of Mineral Revenue),” it stated.

The Communiqué indicated that the Gross Revenue available from VAT for December 2022, was N250.512 billion, which was an increase distributed in the preceding month.

From this amount, N7.215 billion was allocated to NEDC Project, N10.020 billion to Cost of Collection to FIRS and NCS and N233.277 billion was given to the Federal Government (N34.992 billion), the States government (N116.639 billion) and Local Government Councils (N81.647 billion).

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“The Gross Statutory Revenue of N1136.183 billion was received for the month which was higher than the sum received in the previous month. From this amount, N31.531 billion was given to Cost of Collection and N396.896 billion to transfers, savings and refunds, N707.756 billion was distributed to the Federal Government (N325.105 billion), States got N165.897 billion, LGCs (N127.129 billion) and Oil Derivation (13 percent Mineral Revenue) got N90.625 billion,” it stated.

Electronic Money Transfer Levies (EMTL) contributed N24.315 billion which was distributed to the Federal Government (N3.648 billion), States government (N12.157 billion) and LGCs (N8.510 billion).

The Communiqué added that N24.841 billion was gotten from Exchange Gain out of which
N11.562 billion was given to the Federal Government, States got N5.864 billion, LGCs received N4.521 billion and Oil Derivation (13 percent of Mineral Revenue) got N2.894 billion.

It also stated that the balance in the Excess Crude Account (ECA) as at January 17th, 2023 was $473,754.57.

“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,” it stated.