FG, 36 states, 774 LGAs share N1.13trn December 2023 revenue, represents N40bln increase

The Federation Account Allocation Committee (FAAC) says it shared N1.13 trillion among the three tiers of government as revenue in December 2023.

Persecondnews reports that the total figure shared for December represents an increase of N40 billion, or 3.67%, compared to the N1.09 trillion shared for November.

This was disclosed in a statement by the Director of Press and Public Relations of the Office of Accountant General of the Federation, Bawa Mokwa, on Tuesday.

The breakdown of the N1.13 trillion distributable revenue includes N363.2 billion in statutory revenue, N458.6 billion in Value Added Tax (VAT) revenue, N17.9 billion in Electronic Money Transfer Levy (EMTL) revenue, and N287.7 billion in Exchange Difference revenue.

The statement said: “The N1.13 trillion total distributable revenue comprised distributable statutory revenue of N363.188 billion, distributable value-added tax revenue of N458.622 billion, electronic money transfer levy revenue of N17.855 billion, and exchange difference revenue of N287.743 billion.

“Total deductions for the cost of collection were N62.254 billion; total transfers, interventions, and refunds was N484.568 billion.

“Gross statutory revenue of N875.382 billion was received for the month of December 2023. This was lower than the N882.560 billion received in the month of November 2023 by N 7.178 billion.

”The statement added that the gross revenue available from the Value Added Tax in December 2023 was N492.506 billion which was N132.1bn higher than the N360.455 billion available in the month of November 2023.

The communiqué stated that from the N1,127.408 billion total distributable revenue, the Federal Government received a total of N383.872 billion, the State Governments received N396.693 billion and the Local Government Councils received N288.928 billion.

It added: “A total sum of N57.915 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.

“From the N363.188 billion distributable statutory revenue, the Federal Government received N173.729 billion, the State Governments received N88.118 billion and the Local Government Councils received N67.935 billion. The sum of N33.406 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.

“The Federal Government received N68.793 billion, the State Governments received N229.311 billion and the Local Government Councils received N160.518 billion from the N458.622 billion distributable value-added tax revenue.

“The N17.855 billion Electronic Money Transfer Levy was shared as follows: the Federal Government received N2.678 billion, the State Governments received N8.928 billion and the Local Government Councils received N6.249 billion.

“The Federal Government received N138.672 billion from the N 287.743 billion exchange difference revenue. The state governments received N70.336 billion, and the local government councils received N54.226 billion. The sum of N24.509 billion (13% of mineral revenue) was shared to the benefiting states as derivation revenue.”

However, FAAC stated: “In the month of December 2023, companies income tax, excise duty, petroleum profit tax, value-added tax, and electronic money transfer levy increased significantly, while oil and gas royalties decreased substantially. Import Duty and CET Levies decreased marginally. The balance in the ECA was $473,754.57.”