The Federation Account Allocation Committee (FAAC) has shared N990.189 billion with the three tiers of government for December 2022.
This is contained in a statement by Mr Phil Abiamuwe-Mowete, Director (Information/Press), Ministry of Finance, Budget and National Planning.
From the N990.189 billion, President Muhammadu Buhari’s Federal government received N375.306 billion, the 36 governors and the FCT minister received N299.557 billion, while the 774 local government chairmen got N221.807 billion.
The N990.189 billion received by the Federal Government comprised gross statutory revenue, value-added tax (VAT), exchange gain and electronic money transfer levies (EMTL).
In addition, oil-producing states received N93.519 billion as 13 per cent of mineral derivation revenue.
A communiqué issued by FAAC at the end of its meeting on Tuesday indicated that gross revenue from VAT for December 2022 was N250.512 billion.
“From the VAT collected, N7.215 billion was allocated to the Northeast Development Commission Project, while the Federal Inland Revenue Service and the Nigeria Customs Service got N10.020 billion as cost of collection,” said the statement. “From the balance of N233.277 billion, the federal government got N34.992 billion; states received N116.639 billion, while local government councils got N81.647 billion.”
It added that the gross statutory revenue of N1136.183 billion was received for December 2022.
“From this amount, N31.531 billion was given as (the) cost of collection and N396.896 billion released to transfers, savings and refunds. From the balance of N707.756 billion, N325.105 billion was allocated to the federal government; N165.897 billion was allocated to states, while local councils got N127.129 billion,” the communique explained. “Oil derivation (13 per cent mineral revenue) for oil-producing states got N90.625 billion.”
It further revealed that the N24.315 billion received as EMTL was also distributed to the three tiers of government. The federal government received N3.648 billion, states received N12.157 billion, and local councils received N8.510 billion.
The communiqué also stated that N24.841 billion from exchange gain was shared among the federal government (N11.562 billion), states (N5.864 billion), and local councils (N4.521 billion). Oil derivation (13 per cent of mineral revenue) got N2.894 billion.
FAAC also noted that Petroleum Profit Tax, Company Income Tax and VAT recorded significant increases, while import duty decreased considerably. Oil and gas royalties and excise duty increased marginally, it stated.
The total revenue “distributable” for December 2022 was drawn from statutory revenue of N707.756 billion, VAT of N233.277 billion, exchange gain of N24.841 billion, and N24.315 billion from EMTL, FAAC revealed. This brought the total “distributable” for December 2022 to N990.189 billion.
FAAC also stated that the Excess Crude Account balance as of January 17 stood at $473,754.57.
