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FAAC: FG, States, LGAs share N1.13 trillion December 2023 revenue

FAAC

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.

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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:

Further Breakdown of revenue shared

A breakdown was provided on how the revenue was shared. The statement from the OAGF read:

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

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