The Federation Account Allocation Committee declared that the Federal Government, States, and Local Government Councils will receive N1.13 trillion in profits in December 2023. This is N500 billion higher than the N1.08 trillion split among the three levels of government in November.
The FAAC, in a communiqué issued following its January 2024 meeting chaired by the Accountant General of the Federation, Dr Oluwatoyin Madein, stated that the N1.13 trillion total distributable revenue included distributable statutory revenue of N363.19 billion, distributable Value Added Tax revenue of N458.62 billion, electronic money transfer levy revenue of N17.855 billion, and exchange difference revenue of N287.743 billion.
Madein, who was quoted in a statement by the Director of Press and Public Relations, Bawa Mokwa on Tuesday also said N57.92bn (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue
According to the communiqué, a total revenue of N1.67tn was available in December 2023. Recall that the removal of subsidy and unification of the country’s exchange rate by the current administration improved the federation account.
The statement read, “The N1.13tn total distributable revenue comprised distributable statutory revenue of N363.188 billion, distributable Value Added Tax revenue of N458.62bn, electronic money transfer levy revenue of N17.86bn and exchange difference revenue of N287.74bn.
“Total deductions for the cost of collection was N62.254bn; total transfers, interventions, and refunds were N484.57bn.
“Gross statutory revenue of N875.38bn was received for December 2023. This was lower than the N882.560 billion received in November 2023 by N 7.18bn.”
It added that the gross revenue available from the Value Added Tax in December 2023 was N492.51bn, which was N132.1bn higher than the N360.46bn available in November 2023.
FAAC stated that from the N1.13tn total distributable revenue, the Federal Government received N383.87bn, the State Governments received N396.69bn and the Local Government Councils received N288.93bn.
It added, “A total sum of N57.915bn (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.
“From the N363.19bn distributable statutory revenue, the Federal Government received N173.729bn, the State Governments received N88.12bn and the Local Government Councils received N67.94bn. The sum of N33.41bn (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue.
“The Federal Government received N68.79bn, the State Governments received N229.31bn and the Local Government Councils received N160.528bn from the N458.62bn distributable Value Added Tax revenue.”
According to FAAC, the N17.86bn electronic money transfer levy was shared as follows: the Federal Government received N2.68bn, the State Governments received N8.93bn and the Local Government Councils received N6.25bn.
