Federation Accounts Allocation Committee (FAAC) has shared a total of N990 billion as December 2022 federation revenue to the federal, state and local government councils and other relevant agencies in the country.

The amount includes the gross statutory revenue, value-added tax, exchange gain and electronic money transfer levies.

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 per cent of Mineral Revenue).

The details were contained in a communiqué issued at the end of the meeting of the Federation Account Allocation Committee (FAAC) for December 2022.

The communiqué indicated that the gross revenue available from the VAT for the month was N250 billion. From this amount, N7.2 billion was allocated to the NEDC Project and N10 billion to the cost of collection to FIRS and NCS remaining N233.277 billion which was distributed to Federal Government (N34.992 billion), the States (N116.639 billion), and the Local Government Councils (N81.647 billion).

“Accordingly, the Gross Statutory Revenue of N1136.183 billion was received for the month which was higher than the sum received in the previous month,” the communiqué said.

“From this amount, N31.531 billion was given to Cost of Collection and N396.896 billion to Transfers, Savings and Refunds remaining the balance of N707.756 billion which was distributed as follows; Federal Government was allocated N325.105 billion, States got N165.897 billion, LGCs got N127.129 billion, and Oil Derivation (13% Mineral Revenue) got N90.625 billion.

“Also, N24.315 billion from the Electronic Money Transfer Levies (EMTL) was distributed to the three (3) 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 stated that N24.8 billion from Exchange Gain was also shared, from which Federal Government received N11.562 billion, States got N5.864 billion, Local Government Councils received N4.521 billion and Oil Derivation (13 per cent of Mineral Revenue) got N2.894 billion.

Other Sources

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 said.

The total revenue distributable for the current month of December was drawn from Statutory Revenue of N707.6 billion, Value Added Tax (VAT) of N233.3 billion, Exchange Gain of N24.8 billion, and N24.3 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 of January 17th, 2023 was $473,754.57, the communique said.

PT