The Federation Account Allocation Committee (FAAC) says it shared N1.13 trillion among the three tiers of government as revenue from December 2023.
FAAC disclosed this in a communiqué issued at the end of its latest meeting, according to a statement by the Director (Press and Public Relations) of the Office of Accountant General of the Federation, Bawa Mokwa on Tuesday.
The total figure shared for December represents an increase of N40 billion or 3.67% compared to the N1.09 trillion shared for November 2023.
The total amount includes gross statutory revenue, Value Added Tax (VAT), Companies Income Tax (CIT), Augmentations from Forex and Non-oil Mineral Revenue, and electronic money transfer levy (EMTL), among others.
Revenue Generated
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 communique noted that the total revenue available for distribution in December 2023 was N1.67 trillion, with deductions of N62.3 billion for the cost of collection and N484.6 billion for transfers, interventions, and refunds.
The distribution of the N1.13 trillion revenue was broken down as follows:
- Federal Government: N383.9 billion
- State Governments: N396.7 billion
- Local Government Councils: N288.9 billion
- Oil producing states (13% oil derivation revenue): N57.9 billion
Further Breakdown of revenue shared
A breakdown was provided on how the revenue was shared. The statement from the OAGF read:
- “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 to 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 (VAT) revenue.
- “The N17.855 billion Electronic Money Transfer Levy (EMTL) 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.”
The communique highlighted significant increases in Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), VAT, and Electronic Money Transfer Levy (EMTL), along with a substantial decrease in Oil and Gas Royalties. Import Duty and CET Levies decreased marginally.
Also, the balance in the Excess Crude Account (ECA) remained at $473,754.57.
Press statement: OFFICE OF THE ACCOUNTANT GENERAL OF THE FEDERATION.docx
