THE Federation Ac- count Allocation Committee (FAAC), at its meeting, shared a total sum of N990.189 billion to the three tiers of government as federation allocation for the month of December 2022.
From the amount, inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Exchange Gain and Electronic Money Transfer Levies (EMTL), the Federal Government received N375.306 billion, states received N299.557 billion, local government councils got N221.807 billion, while the oil-producing states received N93.519 billion as derivation (13 percent of mineral revenue).
The balance in the Excess Crude Account (ECA) as at January 17, 2023 stands at $473,754.57.
In a statement, Phil Abiamuwe-Mowete, Director (Information/Press), Federal Ministry of Finance, Budget and National Planning, said, “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 was an increase on the amount distributed in the preceding month.
“From this amount, the sum of N7.215 billion was allocated to NEDC project and the sum of N10.020 billion to Cost of Collection to FIRS and NCS, and remaining the sum of N233.277 billion which was distributed as follows: Federal Government got N34.992 billion, states received N116.639 billion, Local Government Councils got N81.647 billion.
“Gross Statutory Revenue of N1136.183 billion was re- ceived for the month which was higher than the sum re- ceived in the previous month. From this amount, the sum of N31.531 billion was given to Cost of Collection and a total sum of N396.896 billion to transfers, savings and re- funds remaining the balance of N707.756 billion which was distributed as follows: Federal Government was al- located the sum of N325.105 billion, states got N165.897 billion, LGCs got N127.129 billion, and oil derivation (13 percent mineral revenue) got N90.625 billion.”
Also, the sum of N24.315 billion from the Electronic Money Transfer Levies (EMTL) was distributed to the three tiers of government as follows: the Federal Government received N3.648 billion, states got N12.157 billion, Local Government Councils received N8.510 billion.
The communiqué further disclosed that the sum of N24.841 billion from Ex- change Gain was shared thus: Federal Government received N11.562 billion, states got N5.864 billion, Local Government Councils received N4.521 billion and oil derivation (13 percent of mineral revenue) 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.
According to the communiqué, the total revenue distributable for the 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), bring- ing the total distributable revenue for the month to N990.189 billion.
